Scottish Equitable AEGON Core Plus · 2015-05-27 · 25/01/08 Fund Description Scottish Equitable AEGON Core Plus Quarter 4 pension fund factsheet January 2008 Scottish Equitable

25/01/08

Fund Description

Scottish Equitable AEGON Core Plus

Quarter 4 pension fund factsheet January 2008

Scottish Equitable plc, Registered Office: Edinburgh Park, Edinburgh EH12 9SE. Registered in Scotland (No. 144517).Authorised and regulated by the Financial Services Authority. Member of the AEGON Group. www.aegonse.co.uk

Fund performance shown is that of our standard fund, subject to the yearly charge, shown below. The equivalent 1% stakeholder fund, and funds with a lower yearly chargemay have better performance than that shown.

Fund descriptionThe fund is an active fixed income fund, benchmarked against an aggregate UK index comprising both corporate and government bonds of all maturities. It has the flexibility to take aggressive off-benchmark allocations. These

allocations can include exposure to Euro and US corporate bonds, emerging-market debt, high yield bonds as well as asset, mortgage and commercial mortgage-backed securities.

All data to 31 December 2007. Please note: where figures are not shown data is not available.

Benchmark: iBoxx Sterling Overall index

Performance 3 mths(%)

1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 3.1 1.9 1.9

Benchmark 3.3 3.3 3.3

Relative riskBased only on defined objectives and position within our fund range, each AEGON Scottish Equitable fund has been allocated a risk classification. The six risk levels are shown below. This funds current position is highlighted in blue.

Fund risk classifications are reviewed regularly and can change.

Performance graphData to end of December 2007

Asset allocation %

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General informationPast performance is no guarantee of future performance and the value of investments can go down as well as up.All figures are sourced Lipper on a total return basis. Periods of greater than one year use annualised compound return.

-3

-2

-1

0

1

2

3

4

5

Apr-06 Aug-06 Dec-06 Apr-07 Aug-07 Dec-07

Tota

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Fund Benchmark

Fund information

Fund Size (£ million) £513.6

Launched 29-Mar-2006

Disclosable yearlycharge/expenses

1.25%

SEDOL/Mex ID B158VX5 / SEACPP

Gilts 0 to 5 years 5.0


Gilts > than 15 years 16.6

Corp 0-5 years 6.9

Corp 5-15 years 24.4

Corp>15 years 27.3

Non Gov High Yield 5-15 Years 1.0

Non Gov High Yield>15 0.4

Futures 3.2

Cash -0.7

UK Treasury 4.75 07/03/2020 8.6

UK Treasury 4 07/09/2016 5.3

UK Treasury 5 07/03/2012 4.0

UK Treasury 4.25 07/03/2036 3.9

UK Treasury 4.25 07/06/2032 3.4

UK Treasury 5 07/03/2025 2.9

Permanent Financing Frn 10/06/2042 5-a2 2.3

British Telecom 6.625 23/06/2017 Emtn 2.1

UK Treasury 5 07/09/2014 2.0

UK Treasury 4.25 07/12/2046 2.0

25/01/08

Fund Description

Scottish Equitable AEGON Enhanced Corporate Bond




Fund descriptionThe fund is an active fixed income fund. It invests predominantly in sterling investment-grade bonds of all maturities. However, the fund also has the flexibility to take off-benchmark allocations. These allocations can include exposure to

European and US corporate bonds, asset, mortgage and commercial mortgage-backed securities as well as government bonds and index linked securities.


Benchmark: iBoxx Sterling Non-Gilts Overall index


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 2.2 0.3 0.3

Benchmark 2.5 1.8 1.8




Asset allocation %

Top holdings %Min

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Low

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-2

-1

0

1

2

3

4


Tota

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Fund Benchmark

Fund information




1.15%

SEDOL/Mex ID B158VW4 / SEAECB




Corp 0-5 years 15.8


Corp>15 years 44.8

Cash 1.5

UK Treasury 4.25 07/06/2032 4.8

Permanent Financing Frn 10/06/2042 5-a2 3.8

European Investment Bank 5.375 07/06/2021 2.9

European Investment Bank 6 15/07/2009 Emtn 2.7


UK Treasury 4.75 07/03/2020 2.5

Wells Fargo Company Frn 25/01/2012 Emtn 2.3

Network Rail 4.75 29/11/2035 2.2

Merrill Lynch and Co. Frn 21/02/2012 2.1

Boats Invest Netherlands 0 31/03/17 Emtn 2.0

25/01/08

Fund Description

Scottish Equitable AEGON Enhanced Long Corporate BondQuarter 4 pension fund factsheet January 2008



Fund descriptionThe fund is an active fixed income fund, investing predominantly in sterling investment grade bonds with maturities of ten years and over. However, the fund also has the flexibility to take off-benchmark allocations. These allocations can include

exposure to European and US corporate bonds, asset, mortgage and commercial mortgage-backed securities as well as government bonds and index linked securities.


Benchmark: iBoxx Non-Gilts 10+ years index


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 1.8 -3.4 -3.4

Benchmark 2.7 -0.4 -0.4




Asset allocation %

Top holdings %

Min

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Low

Belo

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-5

-4

-3

-2

-1

0

1

2

3


Tota

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Fund Benchmark

Fund information




1.15%

SEDOL/Mex ID B158VT1 / SEAELC



Corp 0-5 years 0.5


Corp>15 years 56.6

Cash 1.1


UK Treasury 4.25 07/06/2032 8.4

European Investment Bank 6 07/12/2028 6.0

UK Treasury 5 07/03/2025 5.6

UK Treasury 4.75 07/03/2020 4.6

UK Treasury 4.25 07/03/2036 3.7



Punch Taverns Finance 6.468 15/04/2033 2.3

Network Rail 4.75 29/11/2035 1.9

25/01/08

Fund Description

Scottish Equitable Artemis Income




Fund descriptionInvesting primarily in UK equities. Companies are selected by the fund manager to achieve the objective of providing rising income together with some capital appreciation over time. Particular attention is paid to the ’free cash flow’ of companies as it is a strong determinant of the ability of a company to pay dividends. The style of the portfolio is established by

the bottom-up stock selection process. As an active fund manager, Artemis gives its managers the freedom to adapt to changing markets; they are encouraged to stock-pick, to take responsibility and to put their collective selves on the line. One of the primary foundations of the Artemis philosophy is that personal trading is not permitted – Artemis managers must invest

in Artemis funds, so their money goes into the market alongside clients’.


Benchmark: FTSE All-Share index


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund -0.7 1.8 1.8 18.3

Benchmark -0.3 5.3 5.3 16.8

Sector median -0.5 0.1 0.1 17.8




Asset allocation %

Top holdings %

Min

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Low

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Dec-05 Apr-06 Aug-06 Dec-06 Apr-07 Aug-07 Dec-07

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Fund Sector Benchmark

Fund information

Sector UK Equity Income-Pen


Launched 20-Oct-2005


1.70%

SEDOL/Mex ID B0MTK93 / SEAIP

Basic Materials 2.2

Consumer Goods 5.3

Consumer Services 16.3

Financials 22.1

Healthcare 3.6

Industrials 10.9

Oil & Gas 13.1

Technology 1.4

Telecommunications 11.0

Utilities 11.8


Cash 1.4

Royal Dutch Shell B 5.2

Vodafone Group 5.1

BP 4.8

GlaxoSmithKline 3.4

National Grid 2.3

Lloyds Tsb Group 2.3

British American Tobacco 2.2

Scottish & Southern Energy 2.1

Vivendi 2.1

Royal & Sun Alliance Insurance Group 2.0

25/01/08

Fund Description

Scottish Equitable Artemis Capital




Fund descriptionInvesting primarily in the UK, the fund is managed by reference to the Artemis propriety stock-screening system called SmartGARP. It is a systematic and unemotional way of identifying companies that are growing faster than the market or are under-owned by institutions. The fund tends to invest in larger companies and will invest around 80% within large cap stocks.

As an active fund manager, Artemis gives its managers the freedom to adapt to changing markets; they are encouraged to stock-pick, to take responsibility and to put their collective selves on the line. One of the primary foundations of the Artemis philosophy is that personal trading is not permitted – Artemis managers must invest

in Artemis funds, so their money goes into the market alongside clients’.


Benchmark: FTSE All Share index


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund -3.2 -2.5 -2.5 20.5

Benchmark -0.3 5.3 5.3 16.8

Sector median -1.2 2.9 2.9 16.5




Asset allocation %

Top holdings %

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Fund information

Sector UK All Companies-Pen




1.85%

SEDOL/Mex ID B0MTK71 / SEACP

Basic Materials 7.5

Consumer Goods 7.8


Financials 19.6

Healthcare 5.8

Industrials 7.7

Oil & Gas 19.3

Technology 2.2


Utilities 6.2

Cash 1.3

BP 6.3

Vodafone Group 6.0


Royal Bank Of Scotland Group 4.2

Standard Chartered 3.4

Rio Tinto 3.0

BHP Billiton 3.0

Astrazeneca 2.7


Unilever 2.6

25/01/08

Fund Description

Scottish Equitable Artemis UK Special Situations




Fund descriptionThe fund invests primarily in UK equities and in companies which are based, or have a significant part of their activities in, the UK and which are quoted on a regulated market outside the UK. It aims to provide long-term capital growth by exploring special situations. As an active fund manager, Artemis gives its managers the freedom to adapt to changing markets.

They’re encouraged to stock pick, take responsibility and put their collective selves on the line. One of the primary foundations of the Artemis philosophy is that personal trading is not permitted – Artemis managers must invest in Artemis funds, so their money goes into the market alongside that of their clients.


Benchmark: FTSE All-Share TR index


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund -1.8 3.2 3.2

Benchmark -0.3 5.3 5.3

Sector median -1.2 2.9 2.9




Asset allocation %

Top holdings %

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Low

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0

5

10

15

20

25

Sep-06 Dec-06 Mar-07 Jun-07 Sep-07 Dec-07

Tota

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Fund information



Launched 17-Jul-2006


1.80%

SEDOL/Mex ID B19VQ91 / SEASSP

Basic Materials 1.0

Consumer Goods 8.4


Financials 13.5

Healthcare 3.9

Industrials 12.8

Oil & Gas 17.3

Technology 3.8


Utilities 10.1

Cash 3.0

BP 4.8


Vodafone Group 4.1

GlaxoSmithKline 3.5

National Grid 3.3

Unilever 2.9

Cadbury Schweppes 2.9

BT Group 2.7

BG Group 2.7

British Energy Group 2.5

25/01/08

Fund Description

Scottish Equitable Baillie Gifford Balanced Managed




Fund descriptionInvests in an internationally diversified portfolio, largely made up of equities, and is one of several external fund links we offer. Baillie Gifford has a strong focus on individual companies and builds its portfolios from the bottom up. It invests in well-run companies with strong prospects

for growth on a medium- to long-term basis. This is an actively managed fund, with an equity bias, which aims to provide superior long-term growth. From time to time the fund will have to invest more in cash than its benchmark due to ABI sector restrictions.


Benchmark: A composite of the CAPS Balanced Pooled Fund median and the CAPS Cash Pooled Fund median


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 1.4 8.6 13.0 13.0 8.6 9.0 22.0 8.6 17.7

Sector median 0.5 5.8 11.9 12.5 5.8 10.1 19.5 9.4 16.9




Asset allocation %

Top holdings %

Min

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Low

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-20

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20

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60

80

100

Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07

Tota

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Fund Sector

Fund information

Sector Balanced Managed-Pen


Launched 28-Apr-2000


1.25%

SEDOL/Mex ID 538802 / SEBGMP

UK 39.4

North America 9.7

Europe 16.2

Japan 3.6

Pacific (ex Japan) 5.5

Other Overseas 10.5

Index Linked 1.1

Gilts 1.8

Other UK Fixed Interest 1.2

Overseas Bonds 1.7

Cash 9.3

BG Group 3.2

Royal Dutch Shell 'A' & 'B' Shares 3.2

Vodafone 2.6

HSBC 2.2

BHP Billiton 2.1

Royal Bank of Scotland 2.1

GlaxoSmithKline 2.0

Reed Elsevier 1.9

BG British Smaller Companies Fund 1.8

Man Group 1.6

25/01/08

Fund Description

Scottish Equitable Baillie Gifford Stockmarket ManagedQuarter 4 pension fund factsheet January 2008



Fund descriptionInvests in an internationally diversified portfolio, largely made up of equities, for long-term growth. Baillie Gifford has a strong focus on individual companies and builds its portfolios from the bottom up. It invests in well-run companies with strong

prospects for growth, and adopts a medium- to long-term horizon when investing in any particular stock. The fund is above average risk and is suitable for investors looking for a highly individual stockmarket managed fund.


Benchmark: Composite benchmark based on 60% of the FTSE All-Share index and 40% of an overseas composite (equally weighted between America, Europe and the Pacific Basin) based on the corresponding FTSE indices.


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 0.6 5.1 12.3 12.9 5.1 9.0 23.6 8.7 19.0

Benchmark 0.1 7.8 13.8 14.3 7.8 10.5 23.6 10.1 20.7

Sector median 0.1 6.4 13.4 14.4 6.4 11.5 22.8 10.0 20.0




Asset allocation %

Top holdings %Min

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Low

Belo

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0

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40

60

80

100

120


Tota

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Fund information

Sector Stockmarket Managed-Pen


Launched 30-Aug-2002


1.35%

SEDOL/Mex ID 3230503 / SEBGSM

UK 55.8

North America 13.8

Europe 15.2

Japan 7.2


Other Overseas 2.5

Cash 1.0

BG Group 4.5

Royal Dutch Shell 'A' & 'B' Shares 4.5

Vodafone 3.7

HSBC 3.1

BHP Billiton 2.9

Royal Bank of Scotland 2.9

GlaxoSmithKline 2.8

Reed Elsevier 2.7

BG British Smaller Companies Fund 2.6

Man Group 2.2

25/01/08

Fund Description

Balanced Lifestyle




Fund descriptionFor this fund we use a two-stage approach. The first stage aims to build your pension fund. Then, as your selected retirement date approaches, the second stage aims to protect your annuity purchasing power, as well as taking into account tax-free cash entitlement. First stage: while you are still some years from your selected retirement date, you will have a choice of lifestyle funds to invest in. This range, graded according to their risk relative to other funds in our range, includes funds combining fixed interest and equities as well as funds predominantly invested in overseas equities. Second stage: as you approach retirement (typically between five and seven years before your selected

retirement date), your pension fund will be switched, systematically and progressively, into investments better suited to protect the annuity purchasing power of the fund (while taking into account tax-free cash entitlement. For this, we assume maximum cash of 25% will be taken.). These switches are carried out on a predetermined basis, free of a switch charge. The following fund details relate to the first stage described above. Invests in a variety of Scottish Equitable regional and specialist funds with little variation from market average asset allocations. Our fund managers believe that they can achieve outperformance by actively managing investment portfolios at both asset allocation and stock selection

levels. The larger portion of the portfolio will be invested in the UK. This is a diversified mainstream managed fund with an equity bias, which aims to provide consistent long-term growth. To take account of changes such as a change in economic circumstances, AEGON Scottish Equitable reserves the right to amend any of the lifestyle funds withour prior notification.


Benchmark: Lipper Balanced Managed Pension Sector Median


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 1.3 7.1 12.0 11.9 7.1 10.1 19.2 8.4 15.2

Sector median 0.5 5.8 11.9 12.5 5.8 10.1 19.5 9.4 16.9




Asset allocation %

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Low

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Fund Sector

Fund information



Launched 20-Dec-1999


1.00%

SEDOL/Mex ID 3035924 / SEBL

UK 50.9

North America 8.6

Europe 11.1

Japan 3.5

Far East 7.0

Latin America 1.0

UK Fixed Interest 10.4

Overseas Bonds 2.8

Cash 4.9

25/01/08

Fund Description

Balanced Passive




Fund descriptionInvests in an internationally diversified portfolio, largely made up of equities, for long-term growth. It is a fund that sets its asset allocation (in other words exposure to equities, bonds and cash) in accordance

with that of the ABI Balanced Managed sector average. This fund is suitable for investors looking to invest in a passive balanced fund.


Benchmark: Lipper Balanced Managed Pension Sector Average


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 0.5 6.3 11.5 12.1 6.3 9.7 18.8 9.1 16.8

Sector median 0.5 5.8 11.9 12.5 5.8 10.1 19.5 9.4 16.9




Asset allocation %

Top holdings %

Min

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Low

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Fund Sector

Fund information


Fund Size (£ million) £3,208.6

Launched 29-Jun-2001


1.00%

SEDOL/Mex ID 3065727 / SEBP

UK 48.1

North America 8.9

Europe 11.6

Japan 3.3


Fixed Income 9.9

Overseas Bonds 1.7

Cash 8.3

BP PLC 3.1

HSBC Holdings PLC 2.6

Vodafone Group PLC 2.6

Royal Dutch Shell PLC (CL A) 2.0

GlaxoSmithKline PLC 1.9

Royal Dutch Shell PLC (CL B) 1.5

Rio Tinto PLC 1.4

Royal Bank of Scotland Group PLC 1.2

Anglo American PLC 1.1

BG Group PLC 1.0

30/01/08

Fund Description

Balanced Passive Lifestyle




Fund descriptionFor this fund we use a two-stage approach. The first stage aims to build your pension fund. Then, as your selected retirement date approaches, the second stage aims to protect your annuity purchasing power, as well as taking into account tax-free cash entitlement. First stage: while you are still some years from your selected retirement date, you will have a choice of lifestyle funds to invest in. This range, graded according to their risk relative to other funds in our range, includes funds combining fixed interest and equities as well as funds predominantly invested in overseas equities. Second stage: as you approach retirement (typically between five

and seven years before your selected retirement date), your pension fund will be switched, systematically and progressively, into investments better suited to protect the annuity purchasing power of the fund (while taking into account tax-free cash entitlement. For this, we assume maximum cash of 25% will be taken.). These switches are carried out on a predetermined basis, free of a switch charge. The following fund details relate to the first stage described above. Invests in an internationally diversified portfolio, largely made up of equities, for long-term growth. It is a fund that sets its asset allocation (in other words exposure to equities, bonds and cash) in

accordance with that of the ABI Balanced Managed sector average. During this first stage this fund is passively managed. To take account of changes such as a change in economic circumstances, AEGON Scottish Equitable reserves the right to amend any of the lifestyle funds withour prior notification.


Benchmark: Lipper Balanced Managed Pension Sector Average


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 0.6 6.3 11.5 6.3 9.8 18.9

Sector median 0.5 5.8 11.9 5.8 10.1 19.5




Asset allocation %

Top holdings %

Min

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Low

Belo

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40

50

60

Dec-04 Dec-05 Dec-06 Dec-07

Tota

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Fund Sector

Fund information



Launched 30-Sep-2004


1.00%

SEDOL/Mex ID B046RW4 / SEBPL

UK 48.1

North America 8.9

Europe 11.6

Japan 3.3


Fixed Income 9.9

Overseas Bonds 1.7

Cash 8.3

BP PLC 3.1






Rio Tinto PLC 1.4



BG Group PLC 1.0

25/01/08

Fund Description

Scottish Equitable BGI 40:60 Global Equity Index Fund




Fund descriptionInvests primarily in equities, both in the UK and overseas markets. The fund has approximately 40% invested in the shares of UK companies. The remaining 60% is invested in the USA, Europe ex-UK and the

Far East. The fund aims to provide returns consistent with the markets in which it invests and uses the ’full replication’ approach for the majority of its index funds.


Benchmark: Composite: 40% FTSE All Share/ 60% FTSE All-World Developed ex UK index


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund -0.7 5.6 5.6




Asset allocation %

Min

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Low

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Fund

Fund information




1.00%

SEDOL/Mex ID B1G2WQ6 / SEGEE4

UK Equity 40.0

US 31.4

Europe ex UK 16.1

Japan 6.2

Far East ex Japan 4.0

Canada 2.3

25/01/08

Fund Description

Scottish Equitable BGI 40:60 Global Equity Index Lifestyle FundQuarter 4 pension fund factsheet January 2008



Fund descriptionInvests primarily in equities, both in the UK and overseas markets. The fund has approximately 40% invested in the shares of UK companies. The remaining 60% is invested in the USA, Europe ex-UK and the Far East. The fund aims to provide returns consistent with the markets in which it invests and uses the ’full replication’ approach for the majority of its index funds. Our lifestyling funds aim to build up your

pension fund in the early years, then protect its purchasing power nearer retirement. This is done by gradually moving the fund into long gilts and cash in the last few years before your retire. Our investment managers carry out these switches on a predetermined basis, free of a switch charge. To take account of changes such as a change in economic circumstances, AEGON Scottish Equitable

reserves the right to amend any of the lifestyle funds withour prior notification.


Benchmark: Composite: 40% FTSE All Share/ 60% FTSE All-World Developed ex UK index


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund -0.7 5.7 5.7




Asset allocation %

Min

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Low

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Fund

Fund information




1.00%

SEDOL/Mex ID B1G2WN3 / SEBGGE

UK Equity 40.0

US 31.4

Europe ex UK 16.1

Japan 6.2


Canada 2.3

25/01/08

Fund Description

Scottish Equitable BGI 50/50 Global Equity Index




Fund descriptionInvests primarily in equities, both in the UK and overseas markets. The fund has approximately 50% invested in the shares of UK companies. The remaining 50% is invested in overseas companies, split equally between the USA, Europe ex-UK

and the Far East. The fund aims to provide returns consistent with the markets in which it invests and uses the ‘full replication’ approach for the majority of its index funds.


Benchmark: 50% FTSE All-Share and 50% Overseas Equities. (equally weighted between US, Europe and Pacific including Japan)


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund -0.4 6.9 6.9 10.9




Asset allocation %

Top holdings %

Min

imal

Low

Belo

w a

vera

ge

Aver

age

Abov

e av

erag

e

High

er


-10

0

10

20

30

40

50

Jun-05 Dec-05 Jun-06 Dec-06 Jun-07 Dec-07

Tota

l Ret

urn

%

Fund

Fund information


Launched 02-Feb-2005


1.00%

SEDOL/Mex ID B1G5113 / SEGEQI

UK 49.8

US 16.6

Europe ex UK 17.0

Japan 8.0


BGI Aq Life UK Eq I Sc1 49.8

BGI Aq Life Us Eq Idx Sc1 17.0

BGI Aq Life Eu Eq I Sc1 16.6

BGI Aq Life P Rim Eq I Sc1 8.7

BGI Aq Life M Jap Eq I Sc1 8.0

25/01/08

Fund Description

Scottish Equitable BGI 50/50 Global Equity Lifestyle IndexQuarter 4 pension fund factsheet January 2008



Fund descriptionThis lifestyle fund uses a two-stage approach that aims to build your pension fund in the early years then protect its annuity purchasing power as your selected retirement date approaches whilst taking into account your tax-free cash entitlement. The first stage invests primarily in equities, both in the UK and overseas markets. The fund has approximately 50% invested in the shares of UK companies. The remaining 50% is invested in overseas companies, split

equally between the USA, Europe ex-UK and the Far East. The fund aims to provide returns consistent with the markets in which it invests and uses the ‘full replication’ approach for the majority of its index funds. During the second stage, typically between five and seven years before your selected retirement date, your pension fund will be switched, systematically and progressively, into investments better suited to protect the annuity purchasing power of the fund as

well as provide you with tax-free cash. To take account of changes such as a change in economic circumstances, AEGON Scottish Equitable reserves the right to amend any of the lifestyle funds withour prior notification.


Benchmark: 50% FTSE All-Share and 50% Overseas Equities. (equally weighted between US, Europe and Pacific including Japan)


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund -0.4 6.9 6.9 10.9




Asset allocation %

Top holdings %

Min

imal

Low

Belo

w a

vera

ge

Aver

age

Abov

e av

erag

e

High

er


-10

0

10

20

30

40

50


Tota

l Ret

urn

%

Fund

Fund information




1.00%

SEDOL/Mex ID B1G2Y48 / SEGBLE

UK 49.8

US 16.6

Europe ex UK 17.0

Japan 8.0







25/01/08

Fund Description

Scottish Equitable BGI 50/50 Bond & Equity Index




Fund descriptionThe fund invests approximately 50% in equities and the remainder in fixed income investments. The equities are shared between the UK and overseas with the overseas element split equally between the USA, Europe (ex UK) and the Far East. The fixed income is split equally between UK government securities (gilts) that have a

maturity period of 15 years or longer, and investment grade corporate bonds denominated in sterling that have a maturity period of 15 years or longer. BGI aim to provide returns consistent with the markets in which it invests and uses the ’full replication’ approach for the majority of its index funds.


Benchmark: A composite of the underlying funds


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 2.1 3.5 3.5




Asset allocation %

Min

imal

Low

Belo

w a

vera

ge

Aver

age

Abov

e av

erag

e

High

er


0

2

4

6

8

10


Tota

l Ret

urn

%

Fund

Fund information




1.00%

SEDOL/Mex ID B1G2WX3 / SEBEI5

UK 24.9

US 8.3

Europe ex UK 8.5

Japan 4.0


UK Gilt 25.0

UK Corporate Bond 25.0

25/01/08

Fund Description

Scottish Equitable BGI 50/50 Bond & Equity Index LifestyleQuarter 4 pension fund factsheet January 2008



Fund descriptionFor this fund we use a two-stage approach. The first stage aims to build your pension fund. Then, as your selected retirement date approaches, the second stage aims to protect your annuity purchasing power, as well as taking into account tax-free cash entitlement. First stage: while you are still some years from your selected retirement date, you will have a choice of lifestyle funds to invest in. This range, graded according to their risk relative to other funds in our range, includes funds combining fixed interest and equities as well as funds predominantly invested in overseas equities. Second stage: as you approach retirement (typically between five and seven years before your selected retirement date), your pension fund will be

switched, systematically and progressively, into investments better suited to protect the annuity purchasing power of the fund (while taking into account tax-free cash entitlement. For this, we assume maximum cash of 25% will be taken.). These switches are carried out on a predetermined basis, free of a switch charge. The following fund details relate to the first stage described above. The fund invests approximately 50% in equities and the remainder in fixed income investments. The equities are shared between the UK and overseas with the overseas element split equally between the USA, Europe (ex UK) and the Far East. The fixed income is split equally between UK government securities (gilts) that have a maturity period of 15 years or longer, and

investment grade corporate bonds denominated in sterling that have a maturity period of 15 years or longer. BGI aim to provide returns consistent with the markets in which it invests and uses the ’full replication’ approach for the majority of its index funds. To take account of changes such as a change in economic circumstances, AEGON Scottish Equitable reserves the right to amend any of the lifestyle funds withour prior notification.


Benchmark: A composite of the underlying funds


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 2.1 3.4 3.4




Asset allocation %

Min

imal

Low

Belo

w a

vera

ge

Aver

age

Abov

e av

erag

e

High

er


0

2

4

6

8

10


Tota

l Ret

urn

%

Fund

Fund information




1.00%

SEDOL/Mex ID B1G2WW2 / SEBGB5

UK 24.9

US 8.3

Europe ex UK 8.5

Japan 4.0


UK Gilt 25.0


25/01/08

Fund Description

Scottish Equitable BGI Consensus




Fund descriptionThis fund provides an alternative to traditional balanced fund management. It aims to: produce consistent investment performance in line with the average balanced managed pension fund avoiding any violent swings between the upper and lower ends of the pension fund performance league tables. The majority of

this fund is invested in company shares. This helps to meet the aim of providing returns in excess of inflation, whilst the holdings in gilts, index-linked gilts, corporate bonds, overseas bonds and cash provide stability and help to diversify risk within the fund.


Benchmark: Russell Mellon CAP’s Pooled Fund Survey Balanced Fund


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 0.3 6.8 6.8 10.6




Asset allocation %

Top holdings %

Min

imal

Low

Belo

w a

vera

ge

Aver

age

Abov

e av

erag

e

High

er


-10

0

10

20

30

40


Tota

l Ret

urn

%

Fund

Fund information




1.00%

SEDOL/Mex ID B1G51H9 / SEBGIC

UK 43.3

US 10.7

Europe ex UK 18.7


Japan 6.0

UK Gilt/ UK Index Linked 2.4


Overseas Bond 1.6

Cash 6.6





BGI Aq Life Cash Sc3 6.6


BGI Aq Life All UK Sc1 3.4

BGI Aq Life Cb Idx All Sc1 2.3

BGI Aq Life O/Seas Bd I Sc1 1.6

BGI Aq Life UK Il Gi Sc1 0.1

25/01/08

Fund Description

Scottish Equitable BGI Consensus Lifestyle




Fund descriptionThis lifestyle fund uses a two-stage approach that aims to build your pension fund in the early years then protect its annuity purchasing power as your selected retirement date approaches whilst taking into account your tax-free cash entitlement. The first stage provides an alternative to traditional balanced fund management. It aims to: produce consistent investment performance in line with the average balanced managed pension fund avoiding any violent swings between the upper and lower ends of the

pension fund performance league tables. The majority of this fund is invested in company shares. This helps to meet the aim of providing returns in excess of inflation, whilst the holdings in gilts, index-linked gilts, corporate bonds, overseas bonds and cash provide stability and help to diversify risk within the fund. During the second stage, typically between five and seven years before your selected retirement date, your pension fund will be switched, systematically and progressively, into investments better suited to protect

the annuity purchasing power of the fund as well as provide you with tax-free cash. To take account of changes such as a change in economic circumstances, AEGON Scottish Equitable reserves the right to amend any of the lifestyle funds withour prior notification.


Benchmark: Russell Mellon CAP’s Pooled Fund Survey Balanced Fund


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 0.3 6.8 6.8 10.6




Asset allocation %

Top holdings %

Min

imal

Low

Belo

w a

vera

ge

Aver

age

Abov

e av

erag

e

High

er


-10

0

10

20

30

40


Tota

l Ret

urn

%

Fund

Fund information




1.00%

SEDOL/Mex ID B1G51F7 / SEBGCL

UK 43.3

US 10.7

Europe ex UK 18.7


Japan 6.0

UK Gilt/ UK Index Linked 2.4


Overseas Bond 1.6

Cash 6.6





BGI Aq Life Cash Sc3 6.6


BGI Aq Life All UK Sc1 3.4

BGI Aq Life Cb Idx All Sc1 2.3

BGI Aq Life O/Seas Bd I Sc1 1.6

BGI Aq Life UK Il Gi Sc1 0.1

25/01/08

Fund Description

Scottish Equitable BGI European Equity Index




Fund descriptionThe fund invests in the shares of large, and small, European companies offering both diversification within the European market and opportunities for growth in the future.

It aims to achieve a return that is consistent with the return of the FTSE All-World Developed Europe ex-UK Index.


Benchmark: FTSE All World Developed Europe ex UK index


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 3.1 15.0 15.0




Asset allocation %

Top holdings %

Min

imal

Low

Belo

w av

erag

e

Aver

age

Abov

e av

erag

e

High

er


0

10

20

30


Tota

l Ret

urn

%

Fund

Fund information




1.00%

SEDOL/Mex ID B1G51N5 / SEBGEE

Europe ex UK 100.0

Total S.A Eur2.5 2.7

Nestle Sa Chf1 2.5

Telefonica Sa 2.1

Nokia Corp NPV 2.1

Siemens Ag NPV(Regd) 2.0

E.ON Agnpv 1.9

Banco Santander Sa 1.9

Novartis Ag Chf0.50(Regd) 1.8

Roche Holdings Ag 1.7

Eni Eur1 1.4

25/01/08

Fund Description

Scottish Equitable BGI Japanese Equity Index Fund




Fund descriptionThe fund invests in a variety of large and small Japanese companies offering both diversification within the Japanese market and opportunities for growth in the future.

The fund aims to achieve a return that is consistent with the return of the FTSE All-World Japan Index.


Benchmark: FTSE All World Japan index


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund -5.5 -9.1 -9.1




Asset allocation %

Top holdings %

Min

imal

Low

Belo

w av

erag

e

Aver

age

Abov

e av

erag

e

High

er


-10

-5

0

5

10


Tota

l Ret

urn

%

Fund

Fund information




1.00%

SEDOL/Mex ID B1G51V3 / SEBGJE

Japan 100.0

Toyota Motor Corp NPV 5.3

Mitsubishi Ufj Financial 3.7

Nintendo Jpy50 2.3

Canon Inc NPV 2.3

Sumitomo Mitsui Financial 2.1

Sony Corp Com Stk NPV 2.0

Matsushita Electric 1.8

Honda Motor Co NPV 1.7

Mizuho Financial Group 1.5

Takeda Pharmaceuti NPV 1.4

25/01/08

Fund Description

Scottish Equitable BGI Over 5 Years UK Index-Linked Gilt IndexQuarter 4 pension fund factsheet January 2008



Fund descriptionThe fund aims to achieve an investment return thats consistent with its index. The underlying fund invests in UK government index-linked securities (index-linked gilts) that have a maturity period of five years or

longer. The fund benchmark is widely regarded as the benchmark for UK pension fund investment in the longer-dated end of the UK index-linked gilt market.


Benchmark: FTSE UK Gilts Index-linked Over 5 Years index


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 6.2 7.5 7.5




Asset allocation %

Top holdings %

Min

imal

Low

Belo

w a

vera

ge

Aver

age

Abov

e av

erag

e

High

er


0

2

4

6

8

10

12

Jun-06 Sep-06 Dec-06 Mar-07 Jun-07 Sep-07 Dec-07

Tota

l Ret

urn

%

Fund

Fund information




1.00%

SEDOL/Mex ID B1G5168 / SEBILG

UK Index Linked Gilt 100.0

Treasury Var 07/16 15.8


Treasil2 1/ 250% 08/13 13.2








25/01/08

Fund Description

Scottish Equitable BGI Over 15 Years Corporate Bond IndexQuarter 4 pension fund factsheet January 2008



Fund descriptionThe fund aims to achieve an investment that is consistent with its index. The underlying fund invests in investment grade corporate bonds denominated in sterling.

The fund benchmark consists of bonds with a maturity period of 15 years or longer and is widely regarded as the benchmark for UK pension fund capital bond investment.


Benchmark: iBoxx Sterling Non-Gilts Over 15 years index


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 3.9 -2.2 -2.2




Asset allocation %

Top holdings %

Min

imal

Low

Belo

w av

erag

e

Aver

age

Abov

e av

erag

e

High

er


-4

-2

0

2

4

6


Tota

l Ret

urn

%

Fund

Fund information




1.00%

SEDOL/Mex ID B1G2W77 / SEBGIB


European 6% 12/28 3.1

Kreditanstalt 6% 12/28 2.8

European 5.625% 06/32 2.2

European 5% 04/39 2.2

Kreditanstalt 5.75% 06/32 1.5

Italy(Republic 6% 08/28 1.3

European 5.5% 04/25 1.0

Lcr Finance 5.1% 03/51 1.0

Network Rail 4.75% 11/35 1.0

Rwe Finance 6.25% 06/30 0.9

25/01/08

Fund Description

Scottish Equitable BGI Over 15 Years UK Gilt Index




Fund descriptionThe fund aims to achieve an investment return consistent with its index. The underlying fund invests in UK government fixed income securities (gilts) that have a

maturity period of 15 years or longer. The index is widely regarded as the benchmark for UK pension fund investment in the longer-dated end of the UK gilt market.


Benchmark: FTSE UK Gilts Over 15 Years index


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 5.3 1.8 1.8




Asset allocation %

Top holdings %

Min

imal

Low

Belo

w av

erag

e

Aver

age

Abov

e av

erag

e

High

er


-4

-2

0

2

4

6

8


Tota

l Ret

urn

%

Fund

Fund information




1.00%

SEDOL/Mex ID B1G2WG6 / SEBGII

UK Gilt 100.0

Treasury 5% 03/25 13.0

Treasury 4.25% 06/32 12.8

Treasury 4.75% 12/38 12.2

Treasury 4.25% 03/36 11.7

Treasury 6% 12/28 11.2

Treasury 4.25% 12/46 10.3

Treasury 4.25% 12/27 9.9

Treasury 4.25% 12/55 8.8

Treasury 4.5% 12/42 6.6

Treasury 4.75% 12/30 3.5

31/01/08

Fund Description

Scottish Equitable BGI Pacific Rim Equity Index




Fund descriptionThe fund invests in a variety of large and small companies across the Australian, Hong Kong, New Zealand and Singapore markets, offering both diversification within these markets and opportunities for growth

in the future. It aims to achieve a return that is consistent with the return of the FTSE All-World Developed Asia Pacific ex-Japan Index.


Benchmark: FTSE All World Developed Asia Pacific ex Japan index


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 0.4 31.6 31.6




Asset allocation %

Top holdings %

Min

imal

Low

Belo

w a

vera

ge

Aver

age

Abov

e av

erag

e

High

er


-10

0

10

20

30

40

50

60


Tota

l Ret

urn

%

Fund

Fund information




1.00%

SEDOL/Mex ID B1G51X5 / SEBGPE


BHP Billiton Limited Ord 6.5

China Mobile (Hk) Hkd0.10 5.8

Commonwealth Bank Of 3.8

National Australia Bank 3.0

Westpac Banking Corp NPV 2.5

Aust & Nz Bank Grp NPV 2.5

Rio Tinto Limited NPV 2.2

Sun Hung Kai Properties 2.2

Hutchison Whampoa Hkd0.25 2.0

Woolworths Limited NPV 2.0

25/01/08

Fund Description

Scottish Equitable BGI UK Equity Index




Fund descriptionInvests in the shares of UK companies and aims to achieve a return that is consistent with the return of the FTSE All-Share index – widely regarded as the benchmark for

pension fund investment in shares of companies in the UK. BGI uses the ‘full replication’ approach for the majority of its index funds.




1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund -0.6 4.2 4.2 15.4




Asset allocation %

Top holdings %

Min

imal

Low

Belo

w av

erag

e

Aver

age

Abov

e av

erag

e

High

er


-10

0

10

20

30

40

50


Tota

l Ret

urn

%

Fund

Fund information




1.00%

SEDOL/Mex ID B1G5221 / SEBGEI

UK 100.0

BGI Aq Life UK 350 Exit Sc1 15.2

BP Ord Usd 0.25 5.4

Vodafone Group Ord 4.6

HSBC Holdings Ord Usd 0.50 3.9

Royal Dutch Shell 'A'Ord 3.5

GlaxoSmithKline Ord 3.3

Royal Dutch Shell 'B'Ord 2.7

Rio Tinto Ord Gbp0.10 2.5

Royal Bank Of Scotland 2.0

Anglo American Ord 1.9

25/01/08

Fund Description

Scottish Equitable BGI US Equity Index




Fund descriptionThis fund invests in a variety of large and small, US companies, offering both

diversification within the US market and opportunities for growth in the future


Benchmark: FTSE USA GBP index


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund -1.4 3.3 3.3




Asset allocation %

Top holdings %

Min

imal

Low

Belo

w a

vera

ge

Aver

age

Abov

e av

erag

e

High

er


0

2

4

6

8

10

12

14

16


Tota

l Ret

urn

%

Fund

Fund information




1.00%

SEDOL/Mex ID B1G5265 / SEBGUE

US 100.0

Exxon Mobil Corp Com Stk 3.7

Gen Elec Co 2.6

Microsoft Usd 0.000125 2.4

At&T Inc Com Stk Usd 1 1.8

Procter & Gamble Co Com 1.6

Chevron Corp Com Stk 1.4

Johnson & Com Stk 1.3

Bank Of America Corp Com 1.3

Apple Inc Com Stk NPV 1.2

Cisco Systems Inc Com Stk 1.2

25/01/08

Fund Description

Scottish Equitable BGI World (Ex-UK) Equity Index




Fund descriptionInvests in the shares of overseas companies from the European, Japanese, Far East, US and Canadian markets according to market capitalisation weightings in line with the FTSE All-World Developed (ex-UK) index. This fund invests

in the shares of companies in many of the world’s stock markets so spreading the risk of investment and allowing participation in the returns generated in the main overseas markets. BGI uses the ‘full replication’ approach for the majority of its index funds.


Benchmark: FTSE All World Developed ex UK index


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund -0.9 6.5 6.5 1.3




Asset allocation %

Top holdings %

Min

imal

Low

Belo

w a

vera

ge

Aver

age

Abov

e av

erag

e

High

er


-10

0

10

20

30


Tota

l Ret

urn

%

Fund

Fund information




1.00%

SEDOL/Mex ID B1G52F4 / SEBGIW

US 52.3

Europe ex UK 26.8

Japan 10.3


Canada 3.9





BGI Aq Life Ca Eq Idx Sc1 3.9

25/01/08

Fund Description

Cash




Fund descriptionThe fund is actively managed, investing in deposits and other short-term UK money market instruments. It aims to achieveattractive money market returns while

meeting the Association of British Insurers’ (ABI) Money Market sector requirements.


Benchmark: LIBID (London Inter-Bank BID rate) before charges


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 1.3 4.8 4.1 3.7 4.1 4.8 3.7 3.7 3.5 2.6

Benchmark 1.5 5.9 5.2 4.7 5.1 5.9 4.8 4.8 4.4 3.7

Sector median 1.3 4.8 4.1 3.8 4.4 4.8 3.8 3.9 3.6 2.8




Asset allocation %

Top holdings %

Min

imal

Low

Belo

w a

vera

ge

Aver

age

Abov

e av

erag

e

High

er


0

10

20

30


Tota

l Ret

urn

%


Fund information

Sector Money Market-Pen


Launched 07-Jan-1983


1.00%

SEDOL/Mex ID 782922 / SEPCSH

Certificate of Deposit 45.2

Commercial Paper 30.6

Floating Rate Notes 1.4

Cash 22.9

GBP Cash Balance 4.1

Hbos Cd 6.1700% 28-jan-2008 3.8

Barclays Cd 6.5500% 11-feb-2008 2.8

Rbs Cd 6.1600% 11-jan-2008 2.7

Stndlife Cp .0000% 17-jan-2008 2.7

Stndlife Cp .0000% 29-jan-2008 2.5

Allleics Cd 6.0000% 19-may-2008 2.5

Hbos Cd 6.0000% 23-may-2008 2.5

Hbos Cd 6.3500% 18-feb-2008 2.4

Cadsw Cp .0000% 31-mar-2008 2.3

25/01/08

Fund Description

50/50 Cautious Managed Collection




Fund descriptionThis is one of two cautious managed ‘collections’ that allow investors to invest in a mix of funds from our external range, as well as fixed interest assets, in the most suitable proportions for their individual needs. The Cautious Managed Collections provide access to the fixed interest expertise of our sister company AEGON Asset Management, as well as offering the

opportunity to invest in equities through our innovative External Stockmarket Collection. These funds are below average risk and are suitable for investors looking for a cautious managed fund with a reasonably high level of fixed interest investment. With its slightly lower fixed interest content, this fund has the higher

risk level of our two Cautious Managed Collections.


Benchmark: Please see benchmarks of the underlying funds. Within this collection, 50% of the fund is invested in the UK Fixed Interest Fund and 50% is invested in the External Stockmarket Collection.


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 1.4 2.7 7.3 8.1 2.7 5.0 14.6 7.1 11.4

Sector median -0.1 1.1 7.4 8.1 1.1 8.1 13.3 8.4 10.7




Asset allocation %

Min

imal

Low

Belo

w av

erag

e

Aver

age

Abov

e av

erag

e

High

er


-10

0

10

20

30

40

50

60


Tota

l Ret

urn

%

Fund Sector

Fund information

Sector Cautious Managed-Pen




1.15%

SEDOL/Mex ID 3230581 / SE5CMC

UK 25.5

North America 9.3

Europe 8.1

Japan 2.8

Pacific 1.6

Other overseas 1.1

UK fixed interest 50.1

Overseas bonds 0.2

Cash 1.3

25/01/08

Fund Description

60/40 Cautious Managed Collection




Fund descriptionThis is one of two cautious managed ‘collections’ that allow investors to invest in a mix of funds from our external range, as well as fixed interest assets, in the most suitable proportions for their individual needs. The Cautious Managed Collections provide access to the fixed interest expertise of our sister company AEGON Asset Management, as well as offering the

opportunity to invest in equities through our innovative External Stockmarket Collection. These funds are below average risk and are suitable for investors looking for a cautious managed fund with a reasonably high level of fixed interest investment. With its slightly higher fixed interest content, this fund has the lower

risk level of our two Cautious Managed Collections.




1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 1.7 2.6 6.5 7.2 2.6 3.9 13.2 6.9 10.0

Sector median -0.1 1.1 7.4 8.1 1.1 8.1 13.3 8.4 10.7




Asset allocation %

Min

imal

Low

Belo

w av

erag

e

Aver

age

Abov

e av

erag

e

High

er


-10

0

10

20

30

40

50

60


Tota

l Ret

urn

%

Fund Sector

Fund information





1.15%

SEDOL/Mex ID 3230570 / SE6CMC

UK 20.4

North America 7.4

Europe 6.5

Japan 2.2

Pacific 1.3

Other overseas 0.9


Overseas bonds 0.1

Cash 1.0

25/01/08

Fund Description

Cautious Lifestyle




Fund descriptionFor this fund we use a two-stage approach. The first stage aims to build your pension fund. Then, as your selected retirement date approaches, the second stage aims to protect your annuity purchasing power, as well as taking into account tax-free cash entitlement. First stage: while you are still some years from your selected retirement date, you will have a choice of lifestyle funds to invest in. This range, graded according to their risk relative to other funds in our range, includes funds combining fixed interest and equities as well as funds predominantly invested in overseas equities. Second stage: as you

approach retirement (typically between five and seven years before your selected retirement date), your pension fund will be switched, systematically and progressively, into investments better suited to protect the annuity purchasing power of the fund (while taking into account tax-free cash entitlement. For this, we assume maximum cash of 25% will be taken.). These switches are carried out on a predetermined basis, free of a switch charge. The following fund details relate to the first stage described above. Invests in UK equities and corporate bonds (quality sterling loans issued by UK corporations). It may also invest in bonds

issued by the Government (both conventional and index-linked). The fund sometimes invest internationally. It aims to provide a balanced return. To take account of changes such as a change in economic circumstances, AEGON Scottish Equitable reserves the right to amend any of the lifestyle funds withour prior notification.


Benchmark: Lipper Cautious Managed pension sector median


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 1.6 1.1 7.6 8.7 1.1 8.4 13.8 8.6 11.9

Sector median -0.1 1.1 7.4 8.1 1.1 8.1 13.3 8.4 10.7




Asset allocation %

Top holdings %

Min

imal

Low

Belo

w av

erag

e

Aver

age

Abov

e av

erag

e

High

er


-10

0

10

20

30

40

50

60


Tota

l Ret

urn

%

Fund Sector

Fund information





1.00%

SEDOL/Mex ID 3040326 / SECL

UK Equities 47.0


Futures 1.1

Cash 10.6

UK Treasury 5 07/03/2008 4.5

Bp Plc Ord Usd0.25 3.0

Vodafone Group USD 0.114 2.9


Glaxosmithkline 2.2

Hsbc Hldgs Ord Usd0.50(uk Reg) 2.1

UK Treasury 5 07/03/2025 1.7

UK Treasury 5 07/09/2014 1.7

Institut Credito Oficial 5 07/12/2009 1.7

Royal Dutch Shell Plc-b Shs 1.6

25/01/08

Fund Description

70/30 Defensive Managed Collection




Fund descriptionThis is one of two defensive managed ‘collections’ that allow investors to invest in a mix of funds from our external range, as well as fixed interest assets, in the most suitable proportions for their individual needs. The Defensive Managed Collections provide access to the fixed interest expertise of our sister company AEGON

Asset Management, as well as offering the opportunity to invest in equities through our innovative External Stockmarket Collection. These funds are below average risk and are suitable for investors looking for a defensive managed fund with a high level of fixed interest investment. With its slightly lower fixed interest content, this

fund has the higher risk level of our two Defensive Managed Collections.




1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 2.0 2.4 5.6 6.4 2.4 2.8 11.9 6.8 8.6

Sector median 0.9 1.6 5.4 6.0 1.6 5.2 10.6 7.3 6.8




Asset allocation %

Min

imal

Low

Belo

w a

vera

ge

Aver

age

Abov

e av

erag

e

High

er


-10

0

10

20

30

40


Tota

l Ret

urn

%

Fund Sector

Fund information

Sector Defensive Managed-Pen




1.10%

SEDOL/Mex ID 3230569 / SE7DMC

UK 15.3

North America 5.6

Europe 4.9

Japan 1.7

Pacific 1.0

Other overseas 0.7


Overseas bonds 0.1

Cash 0.8

25/01/08

Fund Description

80/20 Defensive Managed Collection




Fund descriptionThis is one of two defensive managed ‘collections’ that allow investors to invest in a mix of funds from our external range, as well as fixed interest assets, in the most suitable proportions for their individual needs. The Defensive Managed Collections provide access to the fixed interest expertise of our sister company AEGON

Asset Management, as well as offering the opportunity to invest in equities through our innovative External Stockmarket Collection. These funds are below average risk and are suitable for investors looking for a defensive managed fund with a high level of fixed interest investment. With its slightly higher fixed interest content, this

fund has the lower risk level of our two Defensive Managed Collections.




1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 2.3 2.3 4.8 5.6 2.3 1.7 10.6 6.6 7.1

Sector median 0.9 1.6 5.4 6.0 1.6 5.2 10.6 7.3 6.8




Asset allocation %

Min

imal

Low

Belo

w a

vera

ge

Aver

age

Abov

e av

erag

e

High

er


-10

0

10

20

30

40


Tota

l Ret

urn

%

Fund Sector

Fund information





1.05%

SEDOL/Mex ID 3230558 / SE8DMC

UK 10.2

North America 3.7

Europe 3.3

Japan 1.1

Pacific 0.7

Other overseas 0.4


Overseas bonds 0.1

Cash 0.5

25/01/08

Fund Description

Distribution




Fund descriptionInvests in UK equities and corporate bonds (quality sterling loans issued by UK corporations). It may also invest in bonds issued by the Government (both conventional and index-linked) and could sometimes, invest internationally. It aims to provide a balanced return. Because most of

its equity investment is in the UK, this fund has a higher risk level than either of our two Cautious Managed Collections, where equity investment in the External Stockmarket Collection offers a blend of investment styles and geographic regions.




1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 1.6 1.1 7.6 8.7 3.9 1.1 8.4 13.9 8.7 12.0

Sector median -0.1 1.1 7.4 8.1 4.7 1.1 8.1 13.3 8.4 10.7




Asset allocation %

Top holdings %

Min

imal

Low

Belo

w a

vera

ge

Aver

age

Abov

e av

erag

e

High

er


-10

0

10

20

30

40

50

60


Tota

l Ret

urn

%

Fund Sector

Fund information





1.00%

SEDOL/Mex ID 780067 / SEDIST

UK Equities 47.0


Futures 1.1

Cash 10.6

UK Treasury 5 07/03/2008 4.5




Glaxosmithkline 2.2


UK Treasury 5 07/03/2025 1.7

UK Treasury 5 07/09/2014 1.7



25/01/08

Fund Description

Dynamic Lifestyle




Fund descriptionThis lifestyle fund uses a two-stage approach that aims to build your pension fund in the early years then protect its annuity purchasing power as your selected retirement date approaches whilst taking into account your tax-free cash entitlement. The first stage invests mainly in equities, a variety of Scottish Equitable regional and specialist funds and a more UK-concentrated portfolio than mainstream UK pension funds. Investment in equities, bonds and cash may be very different from the market average. As a dynamic fund, it aims to provide superior

long-term growth. During the second stage, typically between five and seven years before your selected retirement date, your pension fund will be switched, systematically and progressively, into investments better suited to protect the annuity purchasing power of the fund as well as provide you with tax-free cash. An aggressive managed fund, which invests mostly in equities. It invests direct in UK equities and also invests in a variety of Scottish Equitable’s regional and specialist funds. Investment in equities, bonds and cash may be very different from the market

average. As a dynamic fund, it aims to provide superior long-term growth. To take account of changes such as a change in economic circumstances, AEGON Scottish Equitable reserves the right to amend any of the lifestyle funds withour prior notification.


Benchmark: Lipper Stockmarket Managed pension sector median


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 1.2 9.1 14.9 14.0 9.1 13.0 23.0 7.7 18.1

Sector median 0.1 6.4 13.4 14.4 6.4 11.5 22.8 10.0 20.0




Asset allocation %

Min

imal

Low

Belo

w a

vera

ge

Aver

age

Abov

e av

erag

e

High

er


-20

0

20

40

60

80

100

120


Tota

l Ret

urn

%

Fund Sector

Fund information





1.00%

SEDOL/Mex ID 3035894 / SEDL

UK 50.4

North America 14.0

Europe 14.3

Japan 4.9

Far East 10.3

Latin America 1.4

Overseas Bonds 1.5

Cash 3.2

25/01/08

Fund Description

Scottish Equitable UBS Global Emerging Markets EquityQuarter 4 pension fund factsheet January 2008



Fund descriptionInvests in companies operating in, or whose shares are listed in, the emerging markets of Asia, Europe, Latin America and Africa. The fund typically invests across all major emerging markets. This provides opportunities for capitalising on the above average returns that may be available from countries at an early stage of economic

development. And our diversified investment spreads the inherent risks associated with these markets. It is a specialist fund, which aims to produce growth over the medium to longer term, subject to short-term volatility. Until December 2005, this fund was known as the Emerging Markets Fund.


Benchmark: FTSE AW (All Emerging) USD index


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 6.2 37.8 32.0 29.4 11.6 37.8 11.0 50.3 17.1 34.8

Benchmark 6.5 37.4 34.3 32.0 13.3 37.4 16.8 51.1 19.3 38.5

Sector median 5.9 33.7 32.7 30.8 11.5 33.7 16.6 50.3 14.1 42.3




Asset allocation %

Top holdings %

Min

imal

Low

Belo

w av

erag

e

Aver

age

Abov

e av

erag

e

High

er


-100

0

100

200

300

400


Tota

l Ret

urn

%


Fund information

Sector Global Emerging Markets-Pen




1.45%

SEDOL/Mex ID 790679 / SEPEM

Europe 17.0


Other Overseas 27.8

Petrobras 6.4

Gazprom 5.1

Cia Vale Rio Doce 5.0

America Movil 3.3

Mobile Telesystems 2.8

BCO Itau 2.5

OTP Bank 2.3

Posco 2.2

Reliance Industries 2.0

Hon Hai Precision 2.0

25/01/08

Fund Description

Ethical




Fund descriptionInvests in a wide range of UK companies whose activities comply with a strict set of ethical negative screening criteria. This specialist fund aims to maximise growth from a restricted universe of stocks that has a bias towards smaller capitalisation companies, and is suitable for investors

who want to impose ethical criteria on their investments. Because of its restricted investment universe, the fund will have an above average relative risk compared with the average fund within the UK All-Companies pension sector.


Benchmark: FTSE All-Share index


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund -1.5 -0.5 17.2 18.8 6.7 -0.5 31.8 22.6 19.7 23.2

Benchmark -0.3 5.3 14.5 15.4 6.2 5.3 16.8 22.0 12.8 20.9

Sector median -1.2 2.9 13.2 14.2 4.9 2.9 16.5 21.0 12.0 20.3




Asset allocation %

Top holdings %

Min

imal

Low

Belo

w a

vera

ge

Aver

age

Abov

e av

erag

e

High

er


-50

0

50

100

150

200


Tota

l Ret

urn

%


Fund information





1.00%

SEDOL/Mex ID 784542 / SEPET

Industrials 21.7

Financials 15.9

Oil & Gas 12.5



Utilities 7.6

Basic Materials 6.5

Health Care 3.9

Technology 3.4

Consumer Goods 1.3

Resources 0.3

Cash 8.6


Bg Group Plc Ord Gbp0.10 4.6

Scot And Southern Energy Ord Gbp0.50 3.0

Aquarius Platinum Usd0.05 2.4

Tullow Oil Gbp0.1 2.3

Prudential Ord Gbp0.05 2.3

Hbos Ord Gbp0.25 2.2

Capita Group Ord Gbp0.020667 2.2

Wellstream Holdings Plc Ord Gbp0.01 2.1

Man Group GBP 0.03 2.1

25/01/08

Fund Description

European




Fund descriptionInvests in a wide range of equities across all major European markets, specifically excluding the UK. The fund generally holds shares in larger companies. It is a mainstream European equity fund, which

aims to provide capital growth from a diversified portfolio of holdings. The fund has an average relative risk compared with the average fund within the European ex UK pension sector.


Benchmark: FTSE Europe ex UK GBP Index


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 1.6 15.8 17.9 17.2 5.8 15.8 14.8 23.1 8.7 24.6

Benchmark 3.0 15.7 19.9 20.6 9.1 15.7 20.1 24.1 13.8 29.7

Sector median 2.4 13.0 18.7 19.3 9.0 13.0 17.9 24.4 13.5 27.5




Asset allocation* %

* This is a test footnote!

Top holdings* %

* This is a test footnote!

Min

imal

Low

Belo

w av

erag

e

Aver

age

Abov

e av

erag

e

High

er


-50

0

50

100

150

200


Tota

l Ret

urn

%


Fund information

Sector European Ex UK-Pen




1.00%

SEDOL/Mex ID 780119 / SEPE

Germany 24.5

France 20.5

Switzerland 15.2

Spain 10.3

Italy 6.9

Netherlands 5.3

Greece 3.9

Norway 3.1

Finland 2.9

Sweden 2.3

Other 3.9

Cash 1.3

Telefonica Sa Eur1 3.5

Nestle Sa Chf1.00 (regd) 3.4

E.on Ag Npv 2.9

Siemens Ag Npv(regd) 2.9

Allianz Se Npv(regd)(vinkuliert) 2.7

Roche Hldgs Ag Genusscheine Npv 2.5

Credit Suisse Group-reg Chf0.50 2.5

Bayer Ag Ord Npv 2.4

National Bank Of Greece EUR 5.00 2.2

Nokia (ab) Oy Eur0.06 2.2

25/01/08

Fund Description

Scottish Equitable Lazard European Smaller CompaniesQuarter 4 pension fund factsheet January 2008



Fund descriptionInvests in smaller companies whose shares are listed on European stock exchanges. Smaller companies are defined as those whose shares make up the bottom 10% of the market (or below US$5 billion, whichever is greater), by market capitalisation. The portfolio invests in all major European markets and may also invest in developing countries within the region when conditions appear

appropriate. This is a specialist fund, which aims to achieve capital growth over the medium to longer term – subject to short-term volatility. Performance measurement relative to a benchmark is less relevant. Until December 2005, this fund was known as the European Smaller Companies. This fund’s ABI sector classification has changed from European ex-UK to European inc-UK and

consequently fund performance is only shown for the period since that change. Fund performance for the period before the change is available on request.


Benchmark: MSCI Europe Small Cap index


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund -5.0 -0.5 18.2 -0.5 34.6 23.4 26.1

Benchmark -2.3 1.1 20.0 1.1 27.8 33.5 24.2

Sector median 0.1 8.9 18.2 8.9 19.4 22.8 10.4




Asset allocation %

Top holdings %

Min

imal

Low

Belo

w a

vera

ge

Aver

age

Abov

e av

erag

e

High

er


0

50

100

150

200

250

Dec-03 Dec-04 Dec-05 Dec-06 Dec-07

Tota

l Ret

urn

%


Fund information

Sector European inc. UK-Pen




1.45%

SEDOL/Mex ID 240334 / SEESC

United Kingdom 24.9

Germany 12.9

Italy 7.8

Sweden 7.1

Netherlands 6.9

Austria 6.4

France 6.0

Finland 5.4

Ireland 4.8

Norway 4.1

Other 12.4

Cash 1.5

Fugro 2.3

Symrise 2.0

Intrum Justitia 1.9

IG 1.9

Kontron 1.9

Wincor Nixdorf 1.8

Anglo Irish Bank 1.8

Wirecard 1.8

Nokian Renkaat 1.8

ProSafe 1.8

25/01/08

Fund Description

European Tactical




Fund descriptionInvests in companies of all sizes listed on European stock exchanges. The fund’s portfolio is concentrated but well diversified across all major European markets and most secondary markets. It isn’t bound by the asset allocation constraints of the average European equity fund, giving our fund managers

considerable flexibility to make investment decisions. This is a specialist fund, which aims to achieve capital growth from an aggressively managed portfolio of holdings. The fund has an above average relative risk compared with the average fund in the European ex-UK pension sector.


Benchmark: FTSE Europe ex UK Index


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 2.6 18.1 19.5 19.3 8.6 18.1 16.4 24.2 10.1 28.7

Benchmark 3.0 15.7 19.9 20.6 9.1 15.7 20.1 24.1 13.8 29.7

Sector median 2.4 13.0 18.7 19.3 9.0 13.0 17.9 24.4 13.5 27.5




Asset allocation %

Top holdings %

Min

imal

Low

Belo

w av

erag

e

Aver

age

Abov

e av

erag

e

High

er


-50

0

50

100

150

200


Tota

l Ret

urn

%


Fund information





1.00%

SEDOL/Mex ID 240345 / SEEUTP

Germany 23.8

France 20.7

Switzerland 14.5

Spain 10.0

Italy 6.0

Netherlands 4.9

Greece 3.5

Norway 3.3

Finland 2.9

Sweden 2.2

Other 3.8

Cash 4.6

Telefonica Sa Eur1 3.2


E.on Ag Npv 2.8

Siemens Ag Npv(regd) 2.7

Allianz Se Npv(regd)(vinkuliert) 2.6

Roche Hldgs Ag Genusscheine Npv 2.4


Credit Suisse Group-reg Chf0.50 2.2

Nokia (ab) Oy Eur0.06 2.2

Soc Generale Eur1.25 2.1

30/01/08

Fund Description

External Balanced Collection




Fund descriptionInvests in a mix of the balanced managed funds from five investment management houses, currently Baillie Gifford, Merrill Lynch, Newton, Société Générale Asset Management and UBS, whose funds form part of our Balanced Managed range. We regularly review the investment split and change the weightings between the

managers as necessary. The fund provides investors with the opportunity for investment diversity without having to favour one manager over another. With effect from late October 2005, the SG Balanced Managed fund replaced the DWS Balanced Managed fund in the External Balanced Collection.


Benchmark: Please see underlying balanced managed funds of the relevant investment management houses, currently Baillie Gifford, Merrill Lynch, Newton, Société Générale Asset Management and UBS.


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 1.1 6.8 11.7 12.3 6.8 9.6 19.1 8.9 17.9

Sector median 0.5 5.8 11.9 12.5 5.8 10.1 19.5 9.4 16.9




Asset allocation %

Min

imal

Low

Belo

w a

vera

ge

Aver

age

Abov

e av

erag

e

High

er


-20

0

20

40

60

80

100


Tota

l Ret

urn

%

Fund Sector

Fund information





1.25%

SEDOL/Mex ID 538783 / SEEBCP

UK 41.5

Europe 11.2

North America 11.2

Japan 3.9

Pacific 4.2

Other overseas 6.5


Overseas bonds 2.8

Cash 8.7

25/01/08

Fund Description

External Stockmarket Collection




Fund descriptionCurrently invests in a mix of four stockmarket managed funds from the external investment management houses. The External Stockmarket Collection essentially provides a blend of different investment styles from a range of active

fund managers within the stockmarket managed sector. The fund is above average risk and is suitable for investors looking for a highly individual stockmarket managed fund.


Benchmark: Please see underlying stockmarket managed funds of the relevant investment management managers, currently Baillie Gifford, INVESCO, Lazard and Société Générale Asset Management.


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund -0.3 3.2 11.5 12.0 3.2 10.5 21.5 7.7 18.2

Sector median 0.1 6.4 13.4 14.4 6.4 11.5 22.8 10.0 20.0




Asset allocation %

Min

imal

Low

Belo

w av

erag

e

Aver

age

Abov

e av

erag

e

High

er


-20

0

20

40

60

80

100

120


Tota

l Ret

urn

%

Fund Sector

Fund information





1.35%

SEDOL/Mex ID 3230547 / SEEXSC

UK 51.0

North America 18.5

Europe 16.3

Japan 5.6

Pacific 3.3

Other overseas 2.2


Overseas bonds 0.4

Cash 2.6

01/02/08

Fund Description

Scottish Equitable Fidelity European




Fund descriptionInvests with the aim of achieving long-term capital growth by investing primarily in shares of continental European companies. The fund is likely to have a bias towards medium-sized and smaller companies although it is not restricted to a particular company size or industry. The fund is

managed with a ‘value’ bias and by drawing on Fidelity’s extensive pan-European research team aims to identify undervalued or underperforming stocks where strong and sustainable growth at a reasonable price can be obtained.


Benchmark: MSCI Europe ex UK index


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 1.2 12.1 12.1 13.7

Benchmark 2.9 15.5 15.5 19.6

Sector median 2.4 13.0 13.0 17.9




Asset allocation %

Top holdings %

Min

imal

Low

Belo

w a

vera

ge

Aver

age

Abov

e av

erag

e

High

er


-10

0

10

20

30

40

50

60

Aug-05 Dec-05 Apr-06 Aug-06 Dec-06 Apr-07 Aug-07 Dec-07

Tota

l Ret

urn

%


Fund information





2.25%

SEDOL/Mex ID B0K8NQ0 / SEFEP

Germany 16.4

France 15.0

Switzerland 13.0

Spain 7.4

Greece 7.2

Italy 5.6

Other 4.6

Russia 4.0

Finland 3.9

Netherlands 3.3

Other 10.2

Cash 9.4

E.On 5.2

Roche Holdings Genussscheine 4.6

Telefonica 4.0

Suez 3.5

Electricite De France 3.2

KPN 3.2

Gazprom O A O Adr (Uk) 2.3

Statoilhydro 2.2

Royal Dutch Shell 'A' (Nl) 2.2

Deutsche Boerse 2.2

01/02/08

Fund Description

Scottish Equitable Fidelity South East Asia




Fund descriptionThe fund aims to provide long-term capital growth from a portfolio primarily comprised of equities listed on the stock exchanges throughout the Asian region, excluding Japan. The manager tends to focus on mid to large capitalisation companies, monitoring their liquidity. They favour

high-quality stocks, where there’s a relatively low risk of financial and business problems. Cash flow position and dividend yield are also key stock-picking parameters. The fund tends to be fully invested with a cash position of approximately 3% to 5%.


Benchmark: MSCI AC Asia Pacific (ex Japan) index


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 0.0 54.6 54.6

Benchmark 0.6 34.2 34.2

Sector median 1.1 34.1 34.1




Asset allocation %

Top holdings %

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Low

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Dec-06 Mar-07 Jun-07 Sep-07 Dec-07

Tota

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%


Fund information

Sector Far East Excl Japan-Pen




2.30%

SEDOL/Mex ID B1NV0B7 / SEFSAP

China 29.6

Korea (South) 28.6

Hong Kong 11.0

Taiwan 9.8

Singapore 8.3

Indonesia 4.6

Malaysia 3.8

Grand Cayman (UK Overseas Ter) 2.0

Other 0.9

Cash 1.4

China Mobile 5.1

Posco 2.5

Cosco Investment (Sing) 2.4

Samsung Electronics 2.0

Singapore Exchange 1.9

Taiwan Semiconduct Manufacturing 1.8

Petrochina 'H' 1.8

China Life Insurance 'H' 1.7

Hyundai Heavy Industries 1.7

Hong Kong Exchanges & Clear 1.6

01/02/08

Fund Description

Scottish Equitable Fidelity Wealthbuilder




Fund descriptionInvests with the aim of providing long-term capital growth from an internationally diversified portfolio with emphasis on the UK. The portfolio is subject to a three-tier investment approach, separating stock

selection, fund selection and asset allocation decisions with the lead manager ensuring that stock picking is the main driver of performance.


Benchmark: 60% MSCI World index/40% FTSE All-Share index


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 0.8 7.3 7.3 4.7

Benchmark -0.4 5.4 5.4 8.7

Sector median 0.7 8.7 8.7 6.8




Asset allocation %

Top holdings %

Min

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Fund information

Sector Global Equities-Pen




2.20%

SEDOL/Mex ID B0K9D18 / SEWBP

UK 35.4

US 28.4

Japan 5.6

Germany 4.9

France 3.2

Switzerland 3.0

Italy 1.8

China 1.4

Spain 1.3

Norway 1.2

Other 11.1

Cash 2.7

Fidelity American Special Situations Fund 14.5

Fidelity American Fund 14.1

Fidelity Income Plus Fund 10.8

Fidelity UK Growth Fund 8.6

Fidelity European Opportunities Fund 8.0

Fidelity Special Situations Fund 7.7

Fidelity European Fund 7.4

Fidelity Moneybuilder Growth - Class 1 5.4

Fidelity UK Aggressive Fund 5.1

Fidelity Global Special Situations Fund 4.1

25/01/08

Fund Description

UK Fixed Interest & Global Equity Tracker




Fund descriptionInvests 50% in the UK Fixed Interest Fund and 50% in the Global Equity Tracker Fund. The UK Fixed Interest element invests in ‘gilt-edged’ securities, issued by the Government, as well as other quality sterling fixed interest and convertible loans issued by UK corporations. It is actively but not aggressively managed, aiming to

produce attractive and stable long-term total returns. The underlying stocks are tradeable and so are influenced by market fluctuations. The Global Equity Tracker element invests in equities in all major regions, based on equal investment in the UK and overseas, for long-term growth. It is passively managed, which means its asset

allocation is similar to our other stock market managed funds.


Benchmark: Please see benchmarks of the underlying funds.


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 1.5 4.2 7.6 4.2 4.6 14.2 7.4

Sector median -0.1 1.1 7.4 1.1 8.1 13.3 8.4




Asset allocation %

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Fund Sector

Fund information



Launched 30-May-2003


1.00%

SEDOL/Mex ID 3318108 / SEFIET

UK 25.5

North America 13.4

Europe 6.2

Japan 2.4



Cash 0.1

25/01/08

Fund Description

UK Fixed Interest & Global Equity Tracker Lifestyle




Fund descriptionThis lifestyle fund uses a two-stage approach that aims to build your pension fund in the early years then protect its annuity purchasing power as your selected retirement date approaches whilst taking into account your tax-free cash entitlement. The first stage invests 50% in the UK Fixed Interest Fund and 50% in the Global Equity Tracker Fund. During the

second stage, typically between five and seven years before your selected retirement date, your pension fund will be switched, systematically and progressively, into investments better suited to protect the annuity purchasing power of the fund as well as provide you with tax-free cash. To take account of changes such as a change in economic circumstances, AEGON

Scottish Equitable reserves the right to amend any of the lifestyle funds withour prior notification.


Benchmark: Please see benchmarks of the underlying funds.


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 1.5 4.2 7.6 4.2 4.6 14.2 7.4

Sector median -0.1 1.1 7.4 1.1 8.1 13.3 8.4




Asset allocation %

Min

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Low

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Fund Sector

Fund information





1.00%

SEDOL/Mex ID 3318131 / SEFITL

UK 25.5

North America 13.4

Europe 6.2

Japan 2.4



Cash 0.1

25/01/08

Fund Description

Scottish Equitable First State Asia Pacific Leaders




Fund descriptionInvests with the aim of achieving long-term capital growth. The fund invests in large and mid-capitalisation equities in the Asia Pacific region (excluding Japan, including Australasia). First State constructs portfolios primarily from the bottom up – in other words, stock selection is the key driver. The company’s research objective is

to identify sensibly priced, high-quality companies that can deliver sustainable earnings growth. First State believes that the selection of companies within a portfolio is the most important ingredient in producing above average long-term performance.


Benchmark: MSCI AC Asia Pacific ex Japan index


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 6.0 39.1 39.1 16.3

Benchmark 1.8 34.9 34.9 16.8

Sector median 1.1 34.1 34.1 15.8




Asset allocation %

Top holdings %

Min

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Low

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Fund information





1.95%

SEDOL/Mex ID B0V9VM4 / SEFSA

Hong Kong 21.9

Australia 20.4

Taiwan 12.5

Malaysia 9.3

Korea 9.0

India 7.2

China 5.4

Singapore 5.1

Thailand 2.7

Philippines 1.9

Indonesia 0.5

Cash 4.1

Newcrest Mining 8.1

Hong Kong & China Gas 6.7

Swire Pacific 5.7

Cheung Kong Holdings 4.9

Brambles 4.7

Taiwan Semiconductor 4.1

IOI Corporation 3.9

Hindustan Lever 3.9

Samsung Electronics 3.8

Hang Lung Group 3.7

25/01/08

Fund Description

Scottish Equitable Gartmore Cautious Managed




Fund descriptionInvests with the aim of providing a combination of income and long-term capital growth. Investment is in a diversified portfolio of equities, bonds and other related investments. Investment in

equities is limited to a maximum of 60% of the value of the fund’s portfolio at all times. The fund may also invest in other permitted investments.


Benchmark: 50% FTSE A British Govt from 5-15 years index/50% FTSE All-Share index


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund -0.5 1.0 1.0 8.2

Sector median -0.1 1.1 1.1 8.1




Asset allocation %

Top holdings %

Min

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Low

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-5

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15

20


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Fund Sector

Fund information





1.70%

SEDOL/Mex ID B0K9N29 / SEGCP

UK 42.7

Gilts 23.2

Other Fixed Interest 23.3

Cash 10.9

UK Treasury 4% 07/09/2016 6.4

UK Treasury 5% 07/09/2014 3.9

UK Treasury 2.5% IL 16/04/2020 3.8

BP 3.6

UK Treasury 5% 07/03/2008 3.4

GlaxosmithKline 3.1

Royal Dutch Shell 'B' 3.0

Treasury 4.25% 07/03/2011 2.7

UK Treasury 5% 07/03/25 2.4

European Investment Bank 5.5% 07/12/11 2.3

25/01/08

Fund Description

Scottish Equitable Gartmore US Opportunities




Fund descriptionInvests with the aim of achieving a long-term return, in excess of the long-term return that is typically achieved from North American equity markets. It does this by investing in companies with registered offices in North America and in others which either predominantly operate in that

market or are holding companies that in turn own companies registered in North America. The fund has a bias towards small and medium-sized companies with investment mainly in the USA. The fund may also invest in other permitted investments.


Benchmark: S&P 500 index


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 2.2 19.1 19.1 -8.9

Benchmark -1.1 3.7 3.7 1.6

Sector median -0.7 4.5 4.5 -0.9




Asset allocation %

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Fund information

Sector North America-Pen




1.90%

SEDOL/Mex ID B0K9XZ2 / SEGUP


Financials 19.7

Industrials 11.0

Healthcare 9.8

Technology 8.6

Oil & Gas 6.3

Consumer Goods 2.4

Basic Materials 2.0

Cash 13.7

Costco Wholesale 6.3

Mastercard 5.7

Raytheon 4.4

Apple 4.0

Las Vegas Sands 3.9

Wynn Resorts 3.8

Google Class 3.4

Petrobras Pn 3.3

Mcdonalds Corp 3.0

Saks Inc 2.7

25/01/08

Fund Description

Global




Fund descriptionAn aggressive managed fund, which invests mainly in equities. Invests in a variety of Scottish Equitable regional and specialist funds and a more UK-concentrated portfolio than mainstream UK pension funds. Our fund managers believe that they can achieve outperformance by actively

managing investment portfolios at both asset allocation and stock selection levels. Investment in equities, bonds and cash may be very different from the market average. As a dynamic fund, it aims to provide superior long-term growth.




1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 1.2 9.1 14.9 14.0 3.5 9.1 13.0 23.0 7.7 18.1

Sector median 0.1 6.4 13.4 14.4 5.6 6.4 11.5 22.8 10.0 20.0




Asset allocation %

Min

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Low

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80

100

120


Tota

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Fund Sector

Fund information





1.00%

SEDOL/Mex ID 790668 / SEPGL

UK 50.4

North America 14.0

Europe 14.3

Japan 4.9

Far East 10.3

Latin America 1.4

Overseas Bonds 1.5

Cash 3.2

25/01/08

Fund Description

Global Equity Tracker Lifestyle




Fund descriptionFor this fund we use a two-stage approach. The first stage aims to build your pension fund. Then, as your selected retirement date approaches, the second stage aims to protect your annuity purchasing power, as well as taking into account tax-free cash entitlement. First stage: while you are still some years from your selected retirement date, you will have a choice of lifestyle funds to invest in. This range, graded according to their risk relative to other funds in our range, includes funds combining fixed interest and equities as well as funds predominantly invested in overseas equities. Second stage: as you approach retirement (typically between five

and seven years before your selected retirement date), your pension fund will be switched, systematically and progressively, into investments better suited to protect the annuity purchasing power of the fund (while taking into account tax-free cash entitlement. For this, we assume maximum cash of 25% will be taken.). These switches are carried out on a predetermined basis, free of a switch charge. The following fund details relate to the first stage described above. Invests in equities in all major regions, based on equal exposure to the UK and overseas, for long-term growth. The fund invests 50% in UK equities and 50% in overseas equities and is passively

managed, tracking the key market indices. The asset allocation is regularly rebalanced to maintain the equal weighting between UK and overseas markets. To take account of changes such as a change in economic circumstances, AEGON Scottish Equitable reserves the right to amend any of the lifestyle funds withour prior notification.


Benchmark: A composite benchmark comprising 50% FTSE All-Share index and 50% FTSE World ex-UK index


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund -0.1 6.2 12.0 6.2 9.8 20.7 8.5

Benchmark 0.3 8.3 14.3 8.3 11.5 23.7 10.3

Sector median 0.1 6.4 13.4 6.4 11.5 22.8 10.0




Asset allocation %

Top holdings %

Min

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Low

Belo

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Fund information





1.00%

SEDOL/Mex ID 3284458 / SEGET7

UK 51.0

North America 26.7

Europe 12.3

Japan 4.7


BP PLC 3.3






Rio Tinto PLC 1.5



BG Group PLC 1.1

25/01/08

Fund Description

Global Equity Tracker




Fund descriptionInvests in equities in all major regions, based on equal exposure to the UK and overseas, for long-term growth. The fund invests 50% in UK equities and 50% in overseas equities and is passively

managed, tracking the key market indices. The asset allocation is regularly rebalanced to maintain the equal weighting between UK and overseas markets.


Benchmark: A composite benchmark comprising 50% FTSE All-Share Index and 50% FTSE World ex-UK Index


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund -0.1 6.1 12.0 12.8 6.1 9.8 20.7 8.5 19.8

Benchmark 0.3 8.3 14.3 14.8 8.3 11.5 23.7 10.3 21.2

Sector median 0.1 6.4 13.4 14.4 6.4 11.5 22.8 10.0 20.0




Asset allocation %

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Low

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Fund information



Launched 29-Nov-2002


1.00%

SEDOL/Mex ID 3232673 / SEGLT

UK 51.0

North America 26.7

Europe 12.3

Japan 4.7


BP PLC 3.3






Rio Tinto PLC 1.5



BG Group PLC 1.1

25/01/08

Fund Description

High Yield Corporate Bond




Fund descriptionInvests in non-investment grade corporate bonds and investment grade bonds. Corporate bodies, for example companies, local authorities and government agencies, issue bonds to raise capital. The bonds are loans, which pay interest at a fixed rate until the loan is repaid by the corporate body on a pre-determined future date. The bonds can be bought and sold by investors throughout their life and the price of the bond varies depending on market fluctuations. The bonds are categorised into short-, medium- and long-dated stocks depending on the time left until the bond is repaid. Credit ratings agencies like Moody’s and Standard & Poor’s analyse corporate

bonds and rate them according to a number of criteria including the financial strength of the company issuing the bond. An investment grade bond will have a rating of AAA down to BBB, which implies a higher credit quality with a lower default risk. High yield corporate bonds are sub-investment grade bonds. Credit ratings agencies will have rated these bonds from BB down to CCC, which implies a lower credit quality with a higher default risk. This fund invests in a balance of non- or sub-investment grade corporate bonds, usually known as ‘high yield’ corporate bonds and investment grade bonds. While analysis shows that the investment risks of high

yield bonds can be offset by the higher income they pay, there is a higher risk of default and the fund experiences greater price fluctuations than other bond funds. Because this fund’s investment in sub-investment grade bonds forms such a large part of its fixed interest content, it has the highest risk level of our fixed interest fund range.


Benchmark: 50% iBoxx Sterling Non-Gilts Overall index/25% Merrill Lynch Sterling High Yield index/25% Lehman Dollar High Yield index (converted back to sterling)


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund -0.1 0.1 3.7 7.8 0.1 2.6 8.5 9.2 19.4

Sector median 0.1 0.0 3.7 7.0 0.0 3.6 7.4 8.8 14.1




Asset allocation %

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Fund Sector

Fund information

Sector Sterling Other Fixed Int-Pen




1.05%

SEDOL/Mex ID 921123 / SEUHY

Corp 0-5 years 9.8


Corp>15 years 30.8

Cash 1.2



European Investment Bank 4.375 06/03/2009 Emtn 2.1

Network Rail 4.875 06/03/2009 1.7


Fmg Finance 9.75 01/09/2013 Regs 1.6

Kfw 5.125 07/01/2011 1.5

Boats Invest Netherlands 0 31/03/17 Emtn 1.5

Constellation Brands 8.5 15/11/2009 Ceur 1.3

Txu Energy Co. 10.25 01/11/2011 144a 1.2

25/01/08

Fund Description

Index-Linked




Fund descriptionInvests in index-linked UK government securities issued by the Government. Interest payments and capital repayment values are linked to movements in the Retail Prices Index (RPI), providing a ‘hedge’ against inflation. The Government uses the RPI to calculate the interest distributions and redemption values of the

underlying securities. However, please note that these stocks are traded in the market and so prices may fluctuate. This fund has the lowest risk level of our fixed interest fund range as it mostly invests in index-linked UK government securities with inflation-linked returns and cash.


Benchmark: FTSE A (Index-Linked) British Govt All-Stocks index


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 5.2 7.5 5.9 6.2 6.5 7.5 1.8 8.3 7.7 5.7

Benchmark 5.4 8.5 6.7 7.0 n/a 8.5 2.9 9.0 8.5 6.6

Sector median 5.5 7.3 5.9 6.1 6.2 7.3 1.9 8.6 7.8 6.2




Asset allocation %

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Fund information

Sector UK Index Linked Bonds-Pen




1.00%

SEDOL/Mex ID 782911 / SEPIL




Cash 0.5

UK Treasury Il 2.5 26/07/2016 13.2

UK Treasury Il 2 26/01/2035 11.3

UK Treasury Il 2.5 16/04/2020 11.1

UK Treasury Il 2.5 17/07/2024 10.9

UK Treasury Il 2.5 16/08/2013 10.5

25/01/08

Fund Description

International




Fund descriptionInvests internationally in equity markets specifically excluding the UK. Investment is broadly in line with market average asset allocations and is generally through a number of our regional and specialist funds, which hold overseas equities. This is a mainstream international equity fund,

which aims to achieve capital growth from global investment. This fund has a lower risk level than our Overseas Tactical Fund, as its investment in a broad spread of companies across the major overseas markets is achieved by investing in our regional and specialist funds.


Benchmark: Russell/Mellon CAPS Overseas Equity sector median


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund -0.4 9.1 12.0 11.9 3.5 9.1 3.9 24.0 4.7 19.3

Sector median 0.7 8.7 13.2 13.6 5.2 8.7 6.8 24.4 7.9 20.8




Asset allocation %

Min

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Low

Belo

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Fund Sector

Fund information





1.00%

SEDOL/Mex ID 782900 / SEPI

North America 37.6

Europe 30.6

Japan 10.6

Pacific 17.0

Latin America 1.4

Cash 2.7

25/01/08

Fund Description

Scottish Equitable Invesco Perpetual Balanced ManagedQuarter 4 pension fund factsheet January 2008



Fund descriptionInvests in an internationally diversified portfolio, largely made up of equities for long-term growth. INVESCO aims to achieve above average investment returns. The fund makes use of INVESCO’s belief in multiple investment styles and products to suit each region and asset class. The UK element of the portfolio is run as an

enhanced index fund by a team of over 50 quantitative investment professionals. Global equities, on the other hand, are selected through a unique bottom-up stock-picking process with a value bias, while bonds are managed by a global team of over 100 investment professionals. The fund is average risk and is suitable for

investors seeking consistent performance over the long term.


Benchmark: Lipper Balanced Managed pension sector average


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund -1.4 -1.9 7.8 9.3 -1.9 9.3 17.0 7.1 16.4

Sector median 0.5 5.8 11.9 12.5 5.8 10.1 19.5 9.4 16.9




Asset allocation %

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Fund Sector

Fund information





1.30%

SEDOL/Mex ID 3230417 / SEIBM

UK 47.5

North America 14.2

Europe 9.4

Japan 3.7

Gilts 18.9

Cash 6.3

INVESCO Perpetual Global Balanced Index Fd 100.0

25/01/08

Fund Description

Scottish Equitable Invesco Perpetual Asian




Fund descriptionThis fund invests with the aim of achieving capital growth in Asia and Australasia, excluding Japan. It intends to invest primarily in the shares of companies in those regions, although it may include other Asian and Australasian related investments. In pursuing this objective, the

fund managers may include investments that they consider appropriate, for example transferable securities, money market instruments, warrants, collective investment schemes, deposits, and other permitted investments and transactions.


Benchmark: MSCI AC Asia Pacific ex Japan index


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 0.8 31.8 31.8

Benchmark 1.8 34.9 34.9





Asset allocation %

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Low

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Fund information





1.95%

SEDOL/Mex ID B1NV0N9 / SEIPAP

Hong Kong 28.5

Australia 13.2

Korea 11.4

Taiwan 10.8

India 9.2

Singapore 8.1

China 7.3

Malaysia 3.0

Philippines 2.6

United Kingdom 1.7

Other 1.7

Cash 2.5

BHP Billiton 3.7

China Mobile 3.6

Taiwan Semiconductor 3.0

Jardine Matheson 2.8

Cheung Kong Holdings 2.6

Newcrest Mining 2.4

DBS 2.3

Wharf 2.3

Dah Sing Banking Group 2.2

Arrow Energy 2.1

25/01/08

Fund Description

Scottish Equitable Invesco Perpetual Corporate Bond




Fund descriptionThis fund invests with the aim of achieving a high level of overall return but with the relative security of capital. It intends to invest primarily in fixed interest securities. In pursuing this objective, the fund managers may include investments that

they consider appropriate, for example transferable securities, money market instruments, warrants, collective investment schemes, deposits, and other permitted investments and transactions.


Benchmark: IMA Corporate Bond sector


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 1.8 1.3 1.3





Asset allocation %

Top holdings %

Min

imal

Low

Belo

w av

erag

e

Aver

age

Abov

e av

erag

e

High

er


-3

-2

-1

0

1

2


Tota

l Ret

urn

%

Fund Sector

Fund information

Sector UK Fixed Interest-Pen




1.80%

SEDOL/Mex ID B1NV0G2 / SEICBP

AAA 11.1

AA 3.9

A 26.3

BBB 33.0

BB 9.8

B 1.4

Below B 0.5

NR (Investment Grade) 5.3

NR (High Yield) 1.9

Cash 6.8

Treasury 4.25% £ Stock 7/6/2032 5.9

National Grid 5.25% £ Bonds 2/6/2011 2.2

Deutsche Telekom 5.625% £Bonds 19/7/2013 1.8

Siemens 6.125% £ Bonds 14/9/2016 1.8

Safeway 6% £ Bonds 10/1/2017 1.6

Treasury 4.25% £ Stock 22/11/2036 1.6

BAA 5.125% £ Bonds 15/2/2023 1.5

Treasury 4.25% £ Stock 22/11/2037 1.4

Alstom 6.25% Euro Bonds 3/3/2010 1.3

Rexam 6.75% Euro Bonds 29/6/2017 1.3

25/01/08

Fund Description

Scottish Equitable Invesco Perpetual Income




Fund descriptionInvests with the aim of achieving a reasonable level of income, together with capital growth. The fund intends to invest primarily in companies listed in the UK, with the balance invested internationally. In

pursuing this objective, the fund managers may include other investments that they consider appropriate, namely collective investment schemes, warrants and other permitted investments and transactions.




1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 2.3 6.6 6.6 26.5

Benchmark -0.3 5.3 5.3 16.8

Sector median -0.5 0.1 0.1 17.8




Asset allocation %

Top holdings %

Min

imal

Low

Belo

w av

erag

e

Aver

age

Abov

e av

erag

e

High

er


-10

0

10

20

30

40

50

60


Tota

l Ret

urn

%


Fund information





1.95%

SEDOL/Mex ID B0K9Y37 / SEIPP

Utilities 21.0

Consumer Goods 19.1

Oil & Gas 12.2



Financials 8.4

Health Care 8.3

Industrials 8.1

Technology 1.8

Unith/Investment Trusts/Other 0.4

Cash 1.5

UK 49.4

North America 26.7

Europe 14.1

Japan 7.2

Pacific ex Japan 0.8

Other Overseas 0.6

Cash 1.2

25/01/08

Fund Description

Scottish Equitable Invesco Perpetual Stockmarket ManagedQuarter 4 pension fund factsheet January 2008



Fund descriptionInvests in an internationally diversified portfolio, largely made up of equities, for long-term growth. INVESCO aims to achieve above average investment returns. The fund makes use of INVESCO’s belief in multiple investment styles and products to suit each region and asset class. The UK element of the portfolio is run as an

enhanced index fund by a team of over 50 quantitative investment professionals. Global equities, on the other hand are selected through a unique bottom-up stock-picking process with a value bias, while bonds are managed by a global team of over 100 investment professionals. The fund is above average risk and is suitable

for investors seeking consistent performance over the long term.


Benchmark: Lipper Stockmarket Managed pension sector average


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund -2.1 0.5 10.1 11.3 0.5 11.1 19.4 7.5 19.2

Sector median 0.1 6.4 13.4 14.4 6.4 11.5 22.8 10.0 20.0




Asset allocation %

Top holdings %Min

imal

Low

Belo

w a

vera

ge

Aver

age

Abov

e av

erag

e

High

er


-20

0

20

40

60

80

100

120


Tota

l Ret

urn

%

Fund Sector

Fund information





1.30%

SEDOL/Mex ID 3230514 / SEISM

UK 49.4

North America 25.2

Europe 15.6

Japan 7.2

Pacific ex Japan 0.9

Other Overseas 0.9

Cash 0.8

INVESCO Perpertual Global ex UK Core Equity 50.1

INVESCO Perpetual UK Enhanced Index Fd 49.9

25/01/08

Fund Description

Scottish Equitable Investec Cautious Managed




Fund descriptionThe fund aims to provide a combination of income and long-term capital growth by investing in conservatively in a diversified portfolio of equities, bonds and other fixed interest securities of high quality and marketability. At all times the fund’s equity exposure will be limited to a maximum of 60% of the portfolio value. The fund is designed at to provide lower risk exposure to bonds and quality equities, with the

manager gradually adjusting the exposure to each with the objective of enhancing performance by comparison with funds that are more restricted. The relatively stable returns the underlying fund has shown itself to be capable of producing in the longer term should make it an attractive way to invest. While past performance won’t necessarily be repeated, its historic performance is

exemplary compared with its peers and is the result of a consistent investment philosophy.




1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund -2.3 -4.8 -4.8





Asset allocation %

Top holdings %

Min

imal

Low

Belo

w a

vera

ge

Aver

age

Abov

e av

erag

e

High

er


-6

-4

-2

0

2

4


Tota

l Ret

urn

%

Fund Sector

Fund information





1.75%

SEDOL/Mex ID B1NV0S4 / SEICMP

Financials 17.9

Oil & Gas 20.1



Health Care 11.4

Consumer Goods 9.8

Industrials 4.9

Technology 2.3

Basic Materials 2.0

Utilities 1.2

GlaxoSmithKline 34.0

Royal Dutch Shell 4.5

BP Plc 4.2

Vodafone Group 3.7

HSBC Holdings 3.4

Unilever Plc 2.4

UK Treasury 4.000 Mar 07 09 2.1

Astrazeneca 1.6

Newmont Mining 1.3

BT Group Plc 1.2

25/01/08

Fund Description

Japan




Fund descriptionInvests in listed Japanese companies across a wide range of industrial sectors. Generally, the fund invests in established companies where prospects for growth appear attractive, although it sometimes invests in equity-related products such as

convertible bonds. It is a mainstream Japanese equity fund, which aims to provide capital growth from a diversified portfolio of holdings. The fund has an average relative risk compared with the average fund in the Japan pension sector.


Benchmark: FTSE Japan index


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund -9.7 -13.9 3.0 6.7 1.5 -13.9 -9.8 40.9 6.2 19.2

Benchmark -3.4 -6.4 6.6 10.0 3.2 -6.4 -7.4 39.7 7.9 23.0

Sector median -5.2 -10.8 3.5 7.4 1.9 -10.8 -11.0 40.1 5.4 22.3




Asset allocation %

Top holdings %

Min

imal

Low

Belo

w a

vera

ge

Aver

age

Abov

e av

erag

e

High

er


-20

0

20

40

60

80

100


Tota

l Ret

urn

%


Fund information

Sector Japan-Pen




1.00%

SEDOL/Mex ID 780131 / SEPJ

Financials 31.3

Industrials 24.7

Consumer Goods 14.0

Basic Materials 8.3

Technology 5.8


Cyclical Services 3.6

Basic Industries 2.3

Resources 2.2

Health Care 1.0

Other 1.2

Cash 0.7

Toyota Motor 6.0

Mitsubishi Npv 5.0

Sumitomo Mitsui Finl.gp Npv 4.0

Mizuho Financial Group 3.8

Komatsu 3.3

Jfe Holdings 2.9

Canon 2.6

Honda Motor 2.4

Orix 2.2

Nomura Holdings 2.1

30/01/08

Fund Description

Scottish Equitable JPMorgan Europe Dynamic ex UK




Fund descriptionThe fund invests with the aim of maximising long term growth. It invests primarily in continental European equities, capturing the managers best European stock ideas in

a portfolio thats fully focussed on producing the highest returns.


Benchmark: FTSE World Europe ex UK


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 2.0 18.6 18.6

Benchmark 3.6 16.4 16.4





Asset allocation %

Top holdings %

Min

imal

Low

Belo

w a

vera

ge

Aver

age

Abov

e av

erag

e

High

er


0

5

10

15

20

25


Tota

l Ret

urn

%


Fund information

Sector Europe ex UK




1.95%

SEDOL/Mex ID B1NV0V7 / SEJPMP

Germany 20.8

France 13.1

Switzerland 11.6

Spain 9.3

Netherlands 6.6

Norway 5.2

Sweden 5.0

Greece 4.5

Finland 4.2

Italy 3.9

Other 6.1

Cash 9.7

Telefonica S.A. 3.4

Banco Santander S.A. 3.0

Nokia Corp. 2.8

E.ON AG 2.6

Novartis AG 2.2

Nestle S.A. 2.1

Daimler AG 1.9

France Telecom 1.9

Bayer AG 1.8

Yara International ASA 1.7

25/01/08

Fund Description

Scottish Equitable JPMorgan Japan




Fund descriptionThe fund invests with the aim of achieving capital growth over the long term. It invests primarily in the shares of Japanese companies. Investing in the Japanese market can enhance potential returns and

risk control in a globally diversified portfolio as, historically, the Japanese market has had a low correlation with other equity markets.


Benchmark: TOPIX index


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund -7.1 -12.5 -12.5

Benchmark -3.7 -6.8 -6.8

Sector median -5.2 -10.8 -10.8




Asset allocation %

Top holdings %

Min

imal

Low

Belo

w av

erag

e

Aver

age

Abov

e av

erag

e

High

er


-30

-20

-10

0

10


Tota

l Ret

urn

%


Fund information

Sector Japan-Pen




1.95%

SEDOL/Mex ID B19WR80 / SEJPJP

Information & Communication 13.9

Electric Appliances 12.0

Wholesale Trade 10.0

Transportation Equipment 8.7

Services 8.2

Pharmaceutical 6.4

Land Transportation 6.1

Chemicals 4.6

Foods 4.3

Banks 4.2

Other Products 21.1

Cash 0.5

Nintendo Co. Ltd. 4.5

Japan Tobacco Inc. 4.3

Daiichi Sankyo Co. Ltd. 4.2

East Japan Railway Co. 4.1

Nihon Kohden Corp. 3.3

Toyota Boshoku Corp. 3.3

KDDI Corp. 3.1

Aeon Delight Co. Ltd. 3.1

Mitsui & Co. Ltd. 3.0

Suzuki Motor Corp. 3.0

30/01/08

Fund Description

Scottish Equitable JPMorgan Natural Resources




Fund descriptionInvests with the aim of achieving long-term capital growth. The fund invests primarily in the shares of companies throughout the world engaged in the production and marketing of commodities such as gold and other mined products, and oil and gas. JPMorgan Asset Management does not believe in star fund managers and has developed proven, transparent and

disciplined investment processes which rely strictly on team-based research, stock picking, portfolio construction and risk management. This helps ensure style consistency and performance. It is not tied to one particular style and seeks to identify market inefficiencies and take advantage of them.


Benchmark: Not Available


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 5.3 42.5 42.5 25.8

Sector median 0.7 8.7 8.7 6.8




Asset allocation %

Top holdings %

Min

imal

Low

Belo

w av

erag

e

Aver

age

Abov

e av

erag

e

High

er


0

20

40

60

80

100

120


Tota

l Ret

urn

%

Fund Sector

Fund information





1.95%

SEDOL/Mex ID B0V9V02 / SEJPM

Canada 35.2

Australia 20.5

United Kingdom 19.6

United States 6.1

Brazil 3.1

South Africa 2.9

Norway 1.2

Peru 1.1

Kazakhstan 1.1

Malaysia 1.0

Other 4.5

Cash 3.8

Fortescue Metals G NPV DFD 04/01/08 (E 2.2

Fortescue Metals Group Ltd. 2.2

Kinross Gold Corp. 2.0

Barrick Gold Corp. 2.0

Rio Tinto PLC 1.8

Lihir Gold Ltd. 1.7

Companhia Vale Do Rio Doce Spon ADR PFD 1.6

Petroleo Brasileiro S/A (ADS) 1.5

Oilexco Inc. 1.4

Riversdale Mining Ltd. 1.4

25/01/08

Fund Description

Scottish Equitable JPMorgan Premier Equity Growth




Fund descriptionInvests with the aim of achieving long-term capital growth. The fund currently invests primarily in a portfolio of UK stocks and shares. It seeks to achieve superior returns by focusing on the best growth and value

stocks. It aims to deliver outperformance by taking a large number of small holdings in stocks with the most attractive value and momentum characteristics.




1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund -2.1 -5.8 -5.8






Asset allocation %

Top holdings %

Min

imal

Low

Belo

w av

erag

e

Aver

age

Abov

e av

erag

e

High

er


0

5

10

15

20

25


Tota

l Ret

urn

%


Fund information





1.95%

SEDOL/Mex ID B19WR24 / SEPEGP

Oil & Gas 24.0

Financials 20.8

Basic Materials 14.2

Industrials 12.2



Health Care 4.3

Consumer Goods 2.8

Technology 1.9

Other 0.3

Cash 3.6

BP PLC 7.3





Rio Tinto PLC 3.8

JPM UK Smaller Companies - A ACC 3.1


BHP Billiton PLC 2.8


25/01/08

Fund Description

Scottish Equitable JPMorgan US




Fund descriptionThe fund invests with the aim of achieving capital growth over the long term. It invests primarily through a portfolio invested in the shares of US companies. It seeks to

outperform by focusing on the selection of the best growth and value stocks as the key source of excess return.


Benchmark: S&P 500 TR index


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund -2.5 0.4 0.4






Asset allocation %

Top holdings %

Min

imal

Low

Belo

w a

vera

ge

Aver

age

Abov

e av

erag

e

High

er


-5

0

5

10

15


Tota

l Ret

urn

%


Fund information





1.95%

SEDOL/Mex ID B19WR68 / SEJPUP

Financials 18.0

Information Technology 16.6

Energy 12.9

Health Care 12.0

Industrials 11.7

Consumer Staples 9.1

Consumer Discretionary 8.9

Telecomm Services 4.0

Materials 3.7

Utilities 3.3

Exxon Mobil Corp 4.6

At&T Inc 2.8

Chevron Corp 2.3

Altria Group Inc 2.1

Pfizer Inc 2.0

Intl Business Mchn 2.0

Microsoft Corp 1.9

Merck & Co Inc 1.9

Conocophillips 1.8

Hewlett Packard Co 1.8

25/01/08

Fund Description

Scottish Equitable Lazard Balanced Managed




Fund descriptionInvests in an internationally diversified portfolio, largely made up of equities. The basis of Lazard’s ’bottom up’ investment philosophy is the trade off between a company’s worth and the financial returns it provides. In other words, what should we pay? What are we getting for our money? It is Lazard’s belief that the returns a company generates on every pound invested measures how effectively that company is putting its shareholders’ capital

to work. Assessing this financial productivity is an important part of its research process, as it is crucial to its assessment of a company’s value. Lazard invests in a highly focused and disciplined way, carefully balancing risk against reward to maximise returns in rising markets – and to minimise the effects when markets fall. Therefore, it actively seeks out companies which give higher than average returns, but which are currently undervalued. This is the

key to its ability to identify attractive stocks, regardless of economic trends and the reason why Lazard outperforms many of its competitors.


Benchmark: Composite benchmark comprising 60% FTSE All-Share index, 20% FTSE World ex UK index and 20% FTSE UK Gilts All-Stocks index.


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 2.1 4.6 11.3 11.5 4.6 11.4 18.3 9.0 14.6

Benchmark 0.1 2.8 8.6 9.1 2.8 7.6 15.7 7.0 12.9

Sector median 0.5 5.8 11.9 12.5 5.8 10.1 19.5 9.4 16.9




Asset allocation %

Top holdings %

Min

imal

Low

Belo

w av

erag

e

Aver

age

Abov

e av

erag

e

High

er


-20

0

20

40

60

80

100


Tota

l Ret

urn

%


Fund information





1.35%

SEDOL/Mex ID 3230428 / SELZBM

UK 59.8

North America 9.5

Europe 8.5

Japan 0.9


UK Gilts 12.2

UK Bonds 5.7

Cash 2.6

Vodafone 4.5

BP 4.2

Rio Tinto 3.2

GlaxoSmithKline 2.9


HSBC 2.4

BG 2.0

Lloyds TSB 1.9

Barclays 1.8

Imperial Tobacco 1.7

25/01/08

Fund Description

Scottish Equitable Lazard Stockmarket Managed




Fund descriptionInvests in an internationally diversified portfolio of equities. The basis of Lazard’s ’bottom up’ investment philosophy is the trade off between a company’s worth and the financial returns it provides. In other words, what should we pay? What are we getting for our money? It is Lazard’s belief that the returns a company generates on every pound invested measures how effectively that company is putting its shareholders’ capital to work. Assessing

this financial productivity is an important part of its research process, as it is crucial to its assessment of a company’s value. Lazard invests in a highly focused and disciplined way, carefully balancing risk against reward to maximise returns in rising markets – and to minimise the effects when markets fall. Therefore, it actively seeks out companies which give higher than average returns, but which are currently undervalued. This is the key to its

ability to identify attractive stocks, regardless of economic trends and the reason why Lazard outperforms many of its competitors.


Benchmark: A composite benchmark comprising 50% FTSE All Share index, 50% FTSE World ex UK index


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 1.6 5.1 12.0 11.1 5.1 11.0 20.3 7.2 12.3

Benchmark 0.3 8.3 14.3 14.8 8.3 11.5 23.7 10.3 21.2

Sector median 0.1 6.4 13.4 14.4 6.4 11.5 22.8 10.0 20.0




Asset allocation %

Top holdings %

Min

imal

Low

Belo

w av

erag

e

Aver

age

Abov

e av

erag

e

High

er


-20

0

20

40

60

80

100

120


Tota

l Ret

urn

%


Fund information





1.35%

SEDOL/Mex ID 3230525 / SELZSM

UK 50.4

North America 22.0

Europe 20.2

Japan 2.2


Cash 3.3

Vodafone 4.1

BP 3.5

GlaxoSmithKline 3.1

Microsoft 3.1

Rio Tinto 2.5

BG 2.2


HSBC 2.0

IBM 1.8

National Grid 1.7

25/01/08

Fund Description

Scottish Equitable Lazard UK Alpha




Fund descriptionInvests with the aim of achieving long-term capital growth by investing in a concentrated portfolio of UK equities. The basis of Lazard’s ’bottom up’ investment philosophy is the trade off between a company’s worth and the financial returns it provides. In other words, what should we pay? What are we getting for our money? Lazard believes that the returns a company generates on every pound invested measures how effectively that company is

putting its shareholders’ capital to work. Assessing this financial productivity is an important part of its research process, as it is crucial to its assessment of a company’s value. Lazard invests in a highly focused and disciplined way, carefully balancing risk against reward to maximise returns in rising markets – and to minimise the effects when markets fall. Therefore, it actively seeks out companies which give higher than average returns, but which are

currently undervalued. This is the key to its ability to identify attractive stocks, regardless of economic trends and the reason why Lazard outperforms many of its competitors.




1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 1.9 3.0 3.0 14.1

Benchmark -0.3 5.3 5.3 16.8

Sector median -1.2 2.9 2.9 16.5




Asset allocation %

Top holdings %

Min

imal

Low

Belo

w a

vera

ge

Aver

age

Abov

e av

erag

e

High

er


-10

0

10

20

30

40


Tota

l Ret

urn

%


Fund information





1.65%

SEDOL/Mex ID B0MTKN7 / SELBAP

Financials 24.4

Oil & Gas 18.7

Consumer Goods 9.4

Industrials 8.8

Health Care 8.3


Basic Materials 6.2

Utilities 6.0


Technology 0.6

Cash 3.8

Vodafone 7.9

BP 6.6

GlaxoSmithKline 6.0

Rio Tinto 4.7

BG 4.2


HSBC 3.8

National Grid 3.3

Imperial Tobacco 3.2

Lloyds TSB 3.1

25/01/08

Fund Description

Long Gilt




Fund descriptionInvests in UK government securities with maturities over 15 years. This is a specialist fund, which aims to help protect against changes in annuity purchasing power – we calculate annuity rates using the Long Gilt index. The underlying stocks are influenced by market fluctuations. Bonds and gilts usually have a pre-determined maturity

value, so the shorter the period to maturity the closer the relationship is with price. Consequently, longer-dated stocks experience greater price sensitivity and so the Long Gilt Fund is one of the riskier funds in our fixed interest fund range, although it’s lower risk than corporate bonds with equivalent terms.


Benchmark: FTSE A British Govt over 15 years index


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 5.3 1.4 3.4 3.7 5.8 1.4 -1.2 10.4 7.6 0.6

Benchmark 5.6 2.7 4.5 4.6 n/a 2.7 0.0 11.0 8.4 1.2

Sector median 5.2 1.4 3.5 4.0 5.8 1.4 -0.9 10.7 7.3 1.4




Asset allocation %

Top holdings %

Min

imal

Low

Belo

w av

erag

e

Aver

age

Abov

e av

erag

e

High

er


-10

0

10

20

30


Tota

l Ret

urn

%


Fund information

Sector UK Long Bonds-Pen




1.00%

SEDOL/Mex ID 780045 / SEPLG

Gilts > 15 years 99.5

Cash 0.5

UK Treasury 4.75 07/12/2038 15.0

UK Treasury 4.25 07/03/2036 15.0

UK Treasury 4.25 07/06/2032 14.6

UK Treasury 5 07/03/2025 14.2

25/01/08

Fund Description

Scottish Equitable Merrill Lynch Balanced Managed




Fund descriptionInvests in an internationally diversified portfolio, largely made up of equities, and is one of several external fund links we offer. A key feature of Merrill Lynch Investment Managers’ investment philosophy is its belief that it can generate more value from stock selection than asset allocation. It

does not believe that having a predetermined house style of ‘growth’ or ‘value’ is ideal, concentrating instead on a robust investment process. This is a mainstream managed fund, with a preference for equities, which aims to provide consistent long-term growth.


Benchmark: Internal composite benchmark (comprising 55% FTSE All-Share index, 25% FTSE World ex UK index and 20% FTSE UK Gilts All-Stocks index)


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 3.5 11.1 12.7 12.9 11.1 10.2 16.9 9.3 17.2

Sector median 0.5 5.8 11.9 12.5 5.8 10.1 19.5 9.4 16.9




Asset allocation %

Top holdings %

Min

imal

Low

Belo

w a

vera

ge

Aver

age

Abov

e av

erag

e

High

er


-20

0

20

40

60

80

100


Tota

l Ret

urn

%

Fund Sector

Fund information





1.25%

SEDOL/Mex ID 539623 / SEMBPP

UK 52.6

North America 10.4

Europe 8.5

Japan 1.4

Pacific 5.1

Emerging Markets 1.2

Other Equity 3.2

Bonds 12.4

Cash 5.2

MLIIF Continental Europe Class A 8.5

MLFM UK Dynamic Class A 6.4

MLFM UK Special Situations Class A 5.4

MLIIF US Flexible Equity 3.9

BG Group 2.4

BH Macro 2.2

BP 2.1

BAE Systems 2.0

MLIIF Asian Dragon 2.0

MLIIF India 2.0

25/01/08

Fund Description

Scottish Equitable Merrill Lynch Olympian Growth




Fund descriptionInvests in a truly global spread of investments and focuses on world-class brands with real global presence and reach, including companies such as Microsoft, Toyota and British American Tobacco. The fund is managed by the Merrill Lynch Investment Managers, one of our highly

regarded investment partners. It is a global equity fund, which aims to provide capital growth from a diversified portfolio of world-class stocks. This fund has a lower risk level than our Overseas Tactical Fund because it invests in a broad spread of the world’s leading companies.


Benchmark: MSCI World Free index


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 3.8 15.3 12.9 11.5 15.3 2.4 21.8 5.5 13.8

Benchmark 0.0 7.7 11.9 12.6 7.7 5.8 23.0 7.5 20.3

Sector median 0.7 8.7 13.2 13.6 8.7 6.8 24.4 7.9 20.8




Asset allocation %

Top holdings %

Min

imal

Low

Belo

w a

vera

ge

Aver

age

Abov

e av

erag

e

High

er


-20

0

20

40

60

80

100

120


Tota

l Ret

urn

%


Fund information





1.30%

SEDOL/Mex ID 3075685 / SEMLOG

UK 18.6

North America 33.5

Europe (excl.UK) 30.2

Japan 4.3

Pacific Basin 10.4

Emerging Markets 3.0

Cisco Systems 3.4

BAT 3.3

Siemens 3.0

FPL 2.7

MF Global 2.7

Celanese 2.5

Man Group 2.5

Nestle 2.5

E.ON 2.3

Directv Group 2.2

25/01/08

Fund Description

Mixed




Fund descriptionInvests in a variety of Scottish Equitable regional and specialist funds with little variation from average sector asset allocations. Our fund managers believe that they can achieve outperformance by actively managing investment portfolios at

both asset allocation and stock selection levels. The larger part of the portfolio will invest in the UK. This is a diversified mainstream managed fund with an equity bias, which aims to provide consistent long-term growth.


Benchmark: Lipper Balanced Managed pension sector median


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 1.3 7.1 12.0 11.9 4.5 7.1 10.1 19.2 8.4 15.2

Sector median 0.5 5.8 11.9 12.5 5.1 5.8 10.1 19.5 9.4 16.9




Asset allocation %

Min

imal

Low

Belo

w av

erag

e

Aver

age

Abov

e av

erag

e

High

er


-20

0

20

40

60

80

100


Tota

l Ret

urn

%

Fund Sector

Fund information





1.00%

SEDOL/Mex ID 782869 / SEPMX

UK 50.9

North America 8.6

Europe 11.1

Japan 3.5

Far East 7.0

Latin America 1.0


Overseas Bonds 2.8

Cash 4.9

25/01/08

Fund Description

Scottish Equitable Newton Balanced Managed




Fund descriptionInvests in an internationally diversified portfolio, largely made up of equities, and is one of several external fund links we offer. Newton has a disciplined and comprehensive team approach where economists, analysts and fund managers work closely together to generate investment ideas. This is coupled with a distinctive ‘global thematic’ approach to

investment – its philosophy is based on the belief that investment decisions need to be set against a global framework, as the prospects for almost all companies are shaped and driven by powerful trends and themes that cross many borders. This is a managed fund, which aims to provide superior long-term growth.


Benchmark: IMA Balanced Managed index/WM Private Client Balanced index


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 3.5 14.3 13.8 14.2 14.3 9.1 18.1 9.9 20.0

Sector median 0.5 5.8 11.9 12.5 5.8 10.1 19.5 9.4 16.9




Asset allocation %

Top holdings %

Min

imal

Low

Belo

w av

erag

e

Aver

age

Abov

e av

erag

e

High

er


-20

0

20

40

60

80

100


Tota

l Ret

urn

%

Fund Sector

Fund information





1.30%

SEDOL/Mex ID 539593 / SENBP

UK Equities 37.7

North American Equities 7.9

Continental Europe ex. UK Equities 17.4

Other International Equities 8.6

Japanese Equities 3.8

Pacific ex. Japan Equities 4.9

UK Bonds 0.8

Cash 18.8



BP PLC 3.9

Royal Dutch Shell PLC 'B' 2.4

Standard Chartered PLC 1.8

Tesco PLC 1.4


Prudential PLC 1.2

BHP Billiton PLC 1.1

Cable & Wireless PLC 1.0

25/01/08

Fund Description

Scottish Equitable Newton Stockmarket Managed




Fund descriptionInvests in an internationally diversified portfolio, largely made up of equities, for long-term growth. Newton has a disciplined and comprehensive team approach where economists, analysts and fund managers work closely together to generate investment ideas. This is coupled with a distinctive ‘global thematic’

approach to investment – its philosophy is based on the belief that investment decisions need to be set against a global framework, as the prospects for nearly all companies are shaped and driven by powerful trends and themes that cross many borders. The fund is above average risk and is suitable for investors looking for

a highly individual stockmarket managed fund.


Benchmark: IMA Sector Active Managed index/FTSE World index


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 4.3 16.5 16.9 16.2 16.5 11.6 22.8 8.7 22.3

Sector median 0.1 6.4 13.4 14.4 6.4 11.5 22.8 10.0 20.0




Asset allocation %

Top holdings %Min

imal

Low

Belo

w a

vera

ge

Aver

age

Abov

e av

erag

e

High

er


-20

0

20

40

60

80

100

120


Tota

l Ret

urn

%

Fund Sector

Fund information





1.40%

SEDOL/Mex ID 3230536 / SENWSM

UK Equities 44.7

North American Equities 10.6

Continental Europe ex. UK Equities 16.5

Other International Equities 12.3

Japanese Equities 3.8

Pacific ex. Japan Equities 6.4

Cash 5.8


BP PLC 2.9


Standard Chartered PLC 1.9



Siemens AG 1.5

British American Tobacco PLC 1.5

Xstrata PLC 1.4

BG Group PLC 1.4

25/01/08

Fund Description

North American




Fund descriptionInvests in equities listed on the North American stock exchanges. The fund’s main focus is US equities but it sometimes holds a small amount of Canadian equities. The portfolio is well diversified across all

major market sectors, and tends to concentrate on larger companies. This is a mainstream US equity fund, which aims to provide capital growth from a broadly-based portfolio of holdings.


Benchmark: S&P 500 index


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund -1.1 4.8 5.9 5.5 1.6 4.8 -1.7 15.3 -1.1 11.2

Benchmark -1.1 3.7 7.3 8.1 3.9 3.7 1.6 17.3 3.4 15.7

Sector median -0.7 4.5 7.2 7.3 2.1 4.5 -0.9 18.2 2.0 13.4




Asset allocation %

Top holdings %

Min

imal

Low

Belo

w av

erag

e

Aver

age

Abov

e av

erag

e

High

er


-10

0

10

20

30

40

50

60


Tota

l Ret

urn

%


Fund information





1.00%

SEDOL/Mex ID 780090 / SEPAM


Energy 14.9

Financials 13.1


Industrials 8.0

Health Care 7.6


Materials 4.4

Utilities 4.1

Other Fund 6.1

Future 6.8

Cash 0.9

General Electric (us) 3.8

Apple Inc 3.2

Schlumberger 2.9

Altria Group Inc 2.9

Microsoft Corp Usd0.00001 2.7

Exelon Corp Com 2.6

Spdr Trust Series 1 2.5

Hess 2.4

Amgen 2.2

Google Inc-cl 'a' Usd0.001 2.2

25/01/08

Fund Description

Scottish Equitable Northern Trust Balanced Manager of ManagersQuarter 4 pension fund factsheet January 2008



Fund descriptionThe manager of managers concept is that an independent specialist investment manager constructs a bespoke portfolio made up from funds managed by investment portfolio managers it considers are ‘best in class’. In line with this concept,

the fund invests in all major asset classes and regions using the skills of these ‘best in class’ managers. Northern Trust believes this approach produces a highly diversified portfolio that increases the chances of achieving consistent outperformance.




1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 0.9 5.5 11.7 5.5 8.9 21.2 6.5

Sector median 0.5 5.8 11.9 5.8 10.1 19.5 9.4




Asset allocation %

Min

imal

Low

Belo

w av

erag

e

Aver

age

Abov

e av

erag

e

High

er


0

20

40

60

80

100


Tota

l Ret

urn

%

Fund Sector

Fund information





1.55%

SEDOL/Mex ID 3284470 / SENTBP

UK 52.7

North America 10.3

Europe 12.5

Japan 3.7


Gilts 6.8


Overseas Bonds 1.5

Cash 2.4

25/01/08

Fund Description

Scottish Equitable Northern Trust Cautious Manager of ManagersQuarter 4 pension fund factsheet January 2008



Fund descriptionThe manager of managers concept is that an independent specialist investment manager constructs a bespoke portfolio made up from funds managed by investment portfolio managers it considers are ’best in class’. In line with this concept,

the fund invests in all major asset classes and regions using the skills of these ’best in class’ managers. Northern Trust believes this approach produces a highly diversified portfolio that increases the chances of achieving consistent outperformance.




1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 1.7 3.6 7.9 3.6 5.7 14.7

Sector median -0.1 1.1 7.4 1.1 8.1 13.3




Asset allocation %

Min

imal

Low

Belo

w av

erag

e

Aver

age

Abov

e av

erag

e

High

er


0

10

20

30

Dec-04 Jun-05 Dec-05 Jun-06 Dec-06 Jun-07 Dec-07

Tota

l Ret

urn

%

Fund Sector

Fund information





1.50%

SEDOL/Mex ID B07Q0M2 / SENTCM

UK 41.5

North America 2.2

Europe 2.3

Japan 0.9


Gilts 23.4


Overseas Bonds 8.2

Cash 1.7

25/01/08

Fund Description

Scottish Equitable Northern Trust Stockmarket Manager of ManagersQuarter 4 pension fund factsheet January 2008



Fund descriptionThe manager of managers concept is that an independent specialist investment manager constructs a bespoke portfolio made up from funds managed by investment portfolio managers it considers are ‘best in class’. In line with this concept,

the fund invests in all major asset classes and regions using the skills of these ‘best in class’ managers. Northern Trust believes this approach produces a highly diversified portfolio that increases the chances of achieving consistent outperformance.


Benchmark: 50% FTSE All-Share index, 50% FTSE World ex UK index


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 0.3 6.0 12.1 6.0 8.7 22.2 6.5

Benchmark 0.1 7.5 13.8 7.5 11.1 23.5 10.3

Sector median 0.1 6.4 13.4 6.4 11.5 22.8 10.0




Asset allocation %

Min

imal

Low

Belo

w a

vera

ge

Aver

age

Abov

e av

erag

e

High

er


-20

0

20

40

60

80

100

120


Tota

l Ret

urn

%


Fund information





1.55%

SEDOL/Mex ID 3284481 / SENTSP

UK 51.8

North America 22.0

Europe 13.7

Japan 4.7


Cash 2.5

25/01/08

Fund Description

Overseas Bond




Fund descriptionInvests in foreign government and high quality non-government fixed securities with varying maturity dates. Sterling investment will be limited. This is an actively managed specialist fund, which aims to provide attractive long-term total

returns. The underlying stocks are influenced by market fluctuations. This fund has a higher risk level than our mainstream UK Fixed Interest Fund because it is exposed to overseas bond market and currency fluctuations.


Benchmark: Citigroup WGBI Non-GBP index (converted back to sterling)


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 6.1 8.5 0.9 1.3 2.8 8.5 -8.5 3.4 0.8 3.2

Benchmark 6.5 9.4 1.7 2.3 4.2 9.4 -7.3 3.9 2.7 3.4

Sector median 4.2 5.6 1.9 2.4 3.4 5.6 -5.8 5.2 3.3 4.4




Asset allocation %

Top holdings %

Min

imal

Low

Belo

w a

vera

ge

Aver

age

Abov

e av

erag

e

High

er


-5

0

5

10

15

20


Tota

l Ret

urn

%


Fund information

Sector Global Fixed Interest-Pen




1.00%

SEDOL/Mex ID 790680 / SEPOB

EUR Gov 0 to 5 years 22.4

EUR Gov 5 to 15 years 12.3

EUR Gov > 15 years 7.6

JAP Corp 0 to 5 years 9.1

JAP Corp 5 to 15 years 12.0

JAP Corp > 15 years 3.5

JAP Gov 0 to 5 years 4.9

US Gov 0 to 5 years 12.6

US Gov 5 to 15 years 8.6

US Gov > 15 years 4.0

Cash 3.2

Spain 5 30/07/2012 11.6

Germany Bundesrep 4.125 04/07/2008 10.8

Bundesrepub Deutschland 3.75 4/1/2017 06 9.2

US Treasury 4.625 31/03/2008 7.5

Japan Finance 2 09/05/2016 6.5

Kfw 1.35 20/01/14 5.5

Bundesrepub 4.75 04/07/2034 5.2

US Treasury Note 4.625 31/07/2012 5.1

Japan 1.4 20/12/2011 JB235 4.9

US Treasury 4.5 15/02/2016 4.5

25/01/08

Fund Description

Overseas Equity Tracker




Fund descriptionInvests mainly in equities outside the UK. It is a passive fund whose geographical exposure aims to produce returns that closely track its benchmark, the FTSE World ex UK index. This index represents all other major global stock markets, and the

fund’s equity exposure is achieved through investing in a number of regional equity tracker funds. This fund is suitable for investors looking to invest in a non-UK passive vehicle.


Benchmark: FTSE World ex UK index


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund -0.2 7.7 10.7 7.7 3.8 21.4

Benchmark 0.4 9.7 13.1 9.7 5.6 24.8

Sector median 0.7 8.7 13.2 8.7 6.8 24.4




Asset allocation %

Top holdings %

Min

imal

Low

Belo

w a

vera

ge

Aver

age

Abov

e av

erag

e

High

er


0

10

20

30

40

50

60

70

80


Tota

l Ret

urn

%


Fund information





1.00%

SEDOL/Mex ID B046S10 / SEOET

North America 53.7

Europe 25.5


Japan 9.7

BP PLC 1.8






Rio Tinto PLC 0.7



BG Group PLC 0.6

25/01/08

Fund Description

Overseas Tactical




Fund descriptionInvests in overseas equity markets outside the UK. Unlike the International Fund, which invests internationally through our regional and specialist funds, the Overseas Tactical Fund invests direct in overseas companies and is managed in a highly active manner at stock selection level. The fund operates within wide investment ranges, unconstrained by the asset allocation policy of mainstream international funds. This allows our fund managers to take full advantage of

overseas stock market opportunities as they present themselves. It means that the fund can take large positions in markets that we feel offer attractive growth potential. And the ability to adopt a defensive strategy during times of uncertainty is equally important, allowing us to significantly reduce positions in any markets we don’t favour. This is an aggressive international fund, which aims to achieve long-term capital growth from a concentrated, but diversified, overseas

portfolio of direct stock holdings. This fund has a higher risk level than our International Fund because it invests direct in fewer companies.


Benchmark: CAPS Overseas Equity sector median


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 5.7 22.0 16.3 15.1 4.5 22.0 0.2 28.8 5.2 22.2

Sector median 0.7 8.7 13.2 13.6 5.2 8.7 6.8 24.4 7.9 20.8




Asset allocation %

Top holdings %Min

imal

Low

Belo

w av

erag

e

Aver

age

Abov

e av

erag

e

High

er


-20

0

20

40

60

80

100

120


Tota

l Ret

urn

%

Fund Sector

Fund information





1.00%

SEDOL/Mex ID 791467 / SEOTP

United Kingdom -1.8

North America 40.8

Europe 30.1

Japan 6.2

Asia/Pacific Ex Japan 15.7

Latin America 2.2

Cash 6.8

National Bank Of Greece EUR 5.00 3.3

Ishares Dj Euro Stoxx 50 Ord Npv 2.7

Astra Intl Idr500 2.5


Veolia Environnement 2.4

Li Ning Ord Hkd0.1 2.4

Lafarge Malayan Cement Bhd Ord Myr0.30 2.4

Golden Agric Resource Usd0.10 2.1


Apple Inc 2.1

25/01/08

Fund Description

Pacific




Fund descriptionInvests in a broad range of companies listed on stock exchanges in the Pacific Basin including Australasia and the Indian sub-continent, but specifically excluding Japan. The fund can invest in all industrial

sectors but generally invests in equities or equity-related instruments. It is a mainstream Pacific equity fund, which aims to achieve capital growth through investment in the Far East.


Benchmark: MSCI AC Asia Pacific Free ex Japan index


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 3.6 36.4 27.3 24.0 11.1 36.4 14.5 32.2 10.4 28.7

Benchmark 1.8 34.9 28.7 26.7 12.0 34.9 16.8 35.3 14.7 33.7

Sector median 1.1 34.1 27.8 24.8 11.3 34.1 15.8 35.4 10.0 31.6




Asset allocation %

Top holdings %

Min

imal

Low

Belo

w av

erag

e

Aver

age

Abov

e av

erag

e

High

er


-100

0

100

200

300


Tota

l Ret

urn

%


Fund information





1.05%

SEDOL/Mex ID 780153 / SEPPAC

China 25.2

Australia 18.4

Korea 13.7

Hong Kong 10.5

Taiwan 8.3

Singapore 4.9

India 4.9

Thailand 3.9

Indonesia 3.2

Malaysia 3.0

Other 2.8

Cash 1.2

China Mobile Ltd 4.6

Bhp Billiton Ltd Npv 4.2

Rio Tinto Limited Npv 3.8

Aus And Nz Banking Group Npv 2.8

Sun Hung Kai Prop Hkd0.50 2.8

Woolworths Ltd Npv 2.7

Indl.& Coml.bk.of China 'h' Cny 1 2.6

Cheung Kong(hldgs) Hkd0.50 2.4

Cj Corp 2.2

Icici Bank Inr10 2.2

25/01/08

Fund Description

Protected Growth




Fund descriptionThis fund aims to achieve limited exposure to the downside risk attached to stock market investment through employing a strategy known as constant proportion portfolio insurance (CPPI). The basic principle behind CPPI is that when equity markets are falling, assets are moved from equities to cash. And when markets are rising, assets are moved from cash into

equities. This structure is backed by a form of insurance that aims to provide further protection for the fund against sudden dramatic falls in the stock market (‘gap insurance’). The objective of the fund is to give you the ability to limit downside risk while allowing some participation in the upside potential of stock market exposure.

Equity exposure is currently achieved through a FTSE 100 tracker fund.




1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund -0.4 2.5 2.5 9.1




Asset allocation %

Min

imal

Low

Belo

w a

vera

ge

Aver

age

Abov

e av

erag

e

High

er


-10

0

10

20

30


Tota

l Ret

urn

%

Fund

Fund information

Sector Protected/ Guaranteed-Pen




1.50%

SEDOL/Mex ID B08ZVS1 / SEPENS

Equity 60.2

Cash 39.8

25/01/08

Fund Description

Scottish Equitable Schroder Global Property Securities




Fund descriptionThis fund invests in property securities on a global and diversified basis, with the aim of providing a total return. The fund invests primarily in real estate investment trusts, equity and debt securities of property companies worldwide. The fund is managed

by Schroders in conjunction with European Investors Incorporated (EII), a specialist global property securities manager. This alliance combines Schroders’ global investment platform with EII’s 18 years experience managing property securities.


Benchmark: FTSE EPRA/NAREIT Global index


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund -10.2 -11.6 -11.6

Benchmark -8.1 -8.5 -8.5

Sector median -11.2 -12.1 -12.1




Asset allocation %

Top holdings %

Min

imal

Low

Belo

w a

vera

ge

Aver

age

Abov

e av

erag

e

High

er


-20

-10

0

10

20


Tota

l Ret

urn

%


Fund information

Sector Property-Pen




2.05%

SEDOL/Mex ID B1NV103 / SEGPSP

Real Estate 91.1

Cash 8.9

Unibail Holding 6.2

Aeon Mall Co Ltd 3.2

ICADE 3.1

Daiwa House Industry Co Ltd 3.0

Tokyu Land Corp 2.7

Shangri-La Asia Ltd 2.6

Hang Lung Properties Ltd 2.5

Hongkong Land Holdings Ltd 2.5

Klepierre 2.5

Mitsui Fudosan Co Ltd 2.5

25/01/08

Fund Description

Scottish Equitable Schroder Income




Fund descriptionThis fund invests in high quality UK companies, with the aim of providing a rising income through investing in companies that can grow their dividends at an above-average rate. Many of these companies also have the potential for capital growth. This fund offers a half-yearly income payment together with the potential for steady growth of the original sum invested. Schroders, with its excellent in-house research capabilities, believes it is

well-placed to find the best yielding stocks and those that offer capital growth as well. The manager focuses on shares which trade at a relatively low valuation compared with the company’s assets or profit growth prospects. These shares tend to carry a high yield (income distributions as a percentage of the share price). However, to achieve a growing level of income, the manager invests in shares where they believe the company will be able to

continue paying out a high level of income through growing profits. So a typical portfolio holding will have a track record of producing strong returns on capital employed.




1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund -1.0 0.2 0.2






Asset allocation %

Top holdings %

Min

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Low

Belo

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Fund information





1.95%

SEDOL/Mex ID B1JB486 / SESCIP

Financials 18.9


Oil & Gas 14.0

Health Care 13.8


Consumer Goods 9.2

Industrials 8.5

Utilities 3.6

Other 1.0

Cash 4.6

Royal Dutch Shell Plc 'B' 8.4

Vodafone Group Plc 6.6

HSBC Holdings 6.1

GlaxoSmithKline Plc 5.8

BP Plc 5.6

Unilever Plc 4.1

AstraZeneca Plc 3.9

BT Group Plc 3.3

Deutsche Telekom AG 3.1

Lloyds TSB Group Plc 2.8

25/01/08

Fund Description

Scottish Equitable Schroder Tokyo




Fund descriptionInvests with the aim of achieving capital growth by investing in Japanese equities. The manager focuses on companies with a proven track record and solid profits growth prospects which are not fully

reflected in the share price. These valuation discrepancies are caused by short-term sentiment, and tend to narrow in the long term as other investors take advantage of these share price anomalies.


Benchmark: Topix index


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund -4.7 -8.4 -8.4 -10.6

Benchmark -3.7 -6.8 -6.8 -10.5

Sector median -5.2 -10.8 -10.8 -11.0




Asset allocation %

Top holdings %

Min

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Low

Belo

w av

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Abov

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-20

-10

0

10

20

30


Tota

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Fund information

Sector Japan-Pen




1.95%

SEDOL/Mex ID B0L2RY7 / SESTP

Industrials 21.5

Finance 21.5

Machinery 13.2

Services 9.7

Communications 8.3

Materials 7.8

Transportation 5.7

Retail 5.6

Pharmaceuticals 5.2

Energy 0.4

Other 0.5

Cash 0.6

Toyota Motor Corp 6.7

Mitsui & Co Ltd 5.3

Sumitomo Mitsui Financial Group Inc 4.0

East Japan Railway Co 3.9

Takeda Pharmaceutical Ltd 3.9

Ricoh Co Ltd 3.7

Mizuho Financial Group Inc 3.1

Bridgestone Corp 3.0

KDDI Corp 2.8

Tachihi Enterprise Co Ltd 2.7

25/01/08

Fund Description

Scottish Equitable Schroder UK Alpha Plus




Fund descriptionThis fund invests in a relatively small number of stocks - 20 to 40 companies - with the aim of delivering absolute returns rather than following an index. It seeks to identify those that will provide superior returns. With such a concentration of holdings, the fund carries more risk than a

fund spread across a larger number of holdings. The flexible nature of the fund means it is able to shift in and out of themes and sectors, and so capture the best investment opportunities in the UK market.




1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund -2.2 6.1 6.1






Asset allocation %

Top holdings %

Min

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Low

Belo

w a

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0

5

10

15

20

25


Tota

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%


Fund information





1.95%

SEDOL/Mex ID B1JB4C0 / SEUKAL

Financials 25.7


Oil & Gas 15.6


Industrials 9.4

Consumer Goods 5.1

Technology 3.6


Health Care 2.5

Utilities 2.0

Cash 4.1

BG Group Plc 5.9

BP Plc 5.1

Xstrata Plc 5.0

Standard Chartered Plc 4.7

Royal Bank of Scotland Group Plc 4.1

Barclays Plc 3.8

BHP Billiton Plc 3.7

Reuters Group Plc 3.7

ICAP Plc 3.1

Legal & General Group Plc 2.9

25/01/08

Fund Description

Scottish Equitable Schroder UK Mid-250




Fund descriptionInvests with the aim of achieving long-term capital growth by investing in the medium-sized companies listed on the FTSE Mid-250 index. The main advantage of investing in Mid-250 companies is that these businesses often have greater potential for continued growth than their larger counterparts. The manager invests in

growing companies with a unique product or service for which demand is strong. This also requires them to be disciplined in their approach by selling stocks if there are signs that increasing competition means that the company’s product has lost its unique advantage.


Benchmark: FTSE 250 Mid ex IT index


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund -3.4 -8.1 -8.1 30.0

Benchmark -3.1 -3.7 -3.7 32.1

Sector median -1.2 2.9 2.9 16.5




Asset allocation %

Top holdings %

Min

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Low

Belo

w av

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Aver

age

Abov

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-10

0

10

20

30

40

50

60

70


Tota

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%


Fund information





2.00%

SEDOL/Mex ID B0L2RQ9 / SESUK

Industrials 42.7


Financials 11.4

Oil & Gas 11.2

Consumer Goods 4.8

Basic Materials 3.1

Technology 2.9


Utilities 0.6

Cash 3.1

Babcock International Group 4.3

Atkins (WS) Plc 3.8

Carillion Plc 3.2

Invensys Plc 2.8

Findel Plc 2.7

Meggitt Holdings Plc 2.5

Balfour Beatty Plc 2.4

BSS Group Plc 2.2

Venture Production PLC 2.2

Victrex Plc 2.0

25/01/08

Fund Description

Scottish Equitable Schroder UK Smaller Companies




Fund descriptionThis fund invests in the overlooked but highly diverse UK smaller companies market. While more volatile and therefore more risky than their larger counterparts, these companies offer exciting opportunities for investors. Good management strategies combined with successful new products can have a rapid

impact on profits. Due to the higher volatility inherent in this sector, a rigorous stock-picking and research approach is essential. The fund invests in a small number of companies. This concentration means it carries a higher level of risk than funds spread across a larger number of companies.


Benchmark: FTSE Small Cap (ex IT) index


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund -9.7 -14.0 -14.0

Benchmark -12.4 -17.9 -17.9

Sector median -8.7 -6.2 -6.2




Asset allocation %

Top holdings %

Min

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Low

Belo

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-20

-10

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30


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Fund information

Sector UK Smaller Companies-Pen




1.95%

SEDOL/Mex ID B1NV158 / SEUSCP

Industrials 35.0

Financials 13.3


Technology 11.3

Health Care 10.0

Oil & Gas 6.8

Consumer Goods 3.5

Basic Materials 2.8


Cash 4.0

BPP Holdings Plc 3.0

Wellstream Holdings Plc 2.5

Air Partner Plc 2.5

Corin Group Plc 2.5

Imperial Energy Corp LTD 2.2

RM Plc 2.1

James Fisher & Sons Plc 2.0

Aveva Group PLC 1.9

Romag Holdings PLC 1.8

Neuropharm Group Plc 1.7

25/01/08

Fund Description

Select Distribution




Fund descriptionThis fund combines the award-winning capabilities of three investment houses to provide a blend of mainstream asset classes: AEGON Asset Management for fixed interest and cash, Morley Fund Management for property and Newton for equity income. The fund aims to deliver

above benchmark (Lipper Distribution life sector average) performance with less fluctuation in value. The inclusion of a commercial property element as part of the blend should help to produce less volatile performance and an attractive yield.


Benchmark: Lipper Distribution life sector average


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund -0.3 -1.6 -1.6 9.0

Sector median -0.1 1.1 1.1 8.1




Asset allocation %

Min

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Low

Belo

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Aver

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20

30


Tota

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%

Fund Sector

Fund information





1.20%

SEDOL/Mex ID B07Q0N3 / SESDP

Equities 32.6

Property 13.3

UK Gilts 22.3

Corp Bonds 29.1

Cash 2.7

25/01/08

Fund Description

Select Reserve




Fund descriptionInvests in cash, property and fixed interest stocks and aims to produce a return that is higher than cash in the longer term, whilst avoiding excessive fluctuation in value. It is intended for investors who are nervous about exposing their savings to the equity markets and would prefer a ‘lower risk’

vehicle. This fund combines the award-winning capabilities of two investment houses: Morley Fund Management for property and AEGON Asset Management for fixed interest and cash.




1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund -2.1 -1.7 5.1 -1.7 6.8 10.7

Sector median 0.9 1.6 5.4 1.6 5.2 10.6




Asset allocation %

Min

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Low

Belo

w a

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ge

Aver

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Abov

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0

5

10

15

20

25

Dec-04 Jun-05 Dec-05 Jun-06 Dec-06 Jun-07 Dec-07

Tota

l Ret

urn

%

Fund Sector

Fund information





1.10%

SEDOL/Mex ID B07Q0Q6 / SESRP

Property 27.6

Index Linked 17.9

UK Gilts 34.2

Corp Bonds 5.0

Cash 15.4

25/01/08

Fund Description

Scottish Equitable SG Balanced Managed




Fund descriptionInvests in an internationally diversified portfolio, largely made up of equities, and is one of several external fund links we offer. Société Générale Asset Management offers an innovative and dynamic approach to active fund management and aims to outperform at all stages of the economic cycle through solid research and the experience of its team of investment

managers. Stock selection is the key to adding value, within asset allocation guidelines. Timing is important and it has a preference for good companies with real growth prospects rather than ’cheap’ shares. This is a mainstream managed fund, which aims to provide consistent long-term growth.




1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund -1.0 1.4 10.1 13.2 1.4 9.5 20.3 11.4 25.2

Sector median 0.5 5.8 11.9 12.5 5.8 10.1 19.5 9.4 16.9




Asset allocation %

Top holdings %

Min

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Low

Belo

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age

Abov

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-20

0

20

40

60

80

100


Tota

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%

Fund Sector

Fund information





1.25%

SEDOL/Mex ID 539571 / SESGMP

UK Equities 48.0

America 7.4

Europe 10.6

Japan 4.1

Pacific 3.9

Global Emerging Markets 3.6

UK Bonds 10.1

International Bonds 2.9

Cash 9.4

BP 3.3


HSBC Holdings 3.0

GlaxoSmithKline 2.2

Royal Bank Scotland 1.8

UKT 5 0318 1.7

Ndb 080108 5.650+_5 1.6

Royal Dutch Petrol 1.6

BT Group Plc 1.5

HBOS Plc 1.2

25/01/08

Fund Description

Scottish Equitable SG Stockmarket Managed




Fund descriptionInvests in an internationally diversified portfolio, largely made up of equities, for long-term growth. Société Générale Asset Management offers an innovative and dynamic approach to active fund management and aims to outperform at all stages of the economic cycle through solid research and the experience of its team of investment managers. Stock selection is

the key to adding value, within asset allocation guidelines. Timing is important and it has a preference for good companies with real growth prospects rather than cheap shares. The fund is above average risk and is suitable for investors looking for a highly individual stockmarket managed fund.




1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund -1.4 2.2 11.6 14.5 2.2 10.9 22.6 11.5 27.0

Sector median 0.1 6.4 13.4 14.4 6.4 11.5 22.8 10.0 20.0




Asset allocation %

Top holdings %

Min

imal

Low

Belo

w av

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Aver

age

Abov

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High

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-20

0

20

40

60

80

100

120


Tota

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urn

%

Fund Sector

Fund information





1.35%

SEDOL/Mex ID 3230484 / SESGSM

UK Equities 48.5

America 13.0

Europe 14.1

Japan 5.7

Pacific 5.7

Global Emerging Markets 5.5

UK Bonds 0.7

International Bonds 1.4

Cash 5.3

BP 3.4


HSBC Holdings 3.1

GlaxoSmithKline 2.3

Royal Bank Scotland 1.8

Royal Dutch Petrol 1.7

BT Group Plc 1.6

HBOS Plc 1.2

Lloyds Tsb Group 1.2

Rio Tinto 1.2

25/01/08

Fund Description

Socially Responsible Equity




Fund descriptionInvests in companies that promote environmental and social sustainability whilst avoiding those that cause harm. The fund invests according to a set of positive criteria, which guide it towards companies demonstrating socially and environmentally responsible behaviour, as well as companies whose activities are for the

benefit of humanity and the environment. The fund may also invest in bonds from time to time. This specialist fund maximises long-term growth from investment in mainly UK-quoted companies. This fund is currently managed by Morley Fund Management.




1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund -4.9 0.3 11.2 13.2 0.3 18.8 15.5 12.6 20.1

Benchmark -0.3 5.3 14.5 15.4 5.3 16.8 22.0 12.8 20.9

Sector median -1.2 2.9 13.2 14.2 2.9 16.5 21.0 12.0 20.3




Asset allocation %

Top holdings %

Min

imal

Low

Belo

w av

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Aver

age

Abov

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-20

0

20

40

60

80

100

120


Tota

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%


Fund information





1.50%

SEDOL/Mex ID 431989 / SEPECE

Industrials 22.5

Financials 15.0



Utilities 9.4

Health Care 7.8

Oil & Gas 7.2

Basic Materials 5.7

Technology 3.4

Consumer Goods 3.3

NON class 2.0

Vodafone Group 7.1

BG Group 7.1

Pennon Group 2.9


Prudential plc 2.6

Pearson 2.5

Unilever 2.4

Johnson Matthey 2.2

Morgan Sindall 2.1

BT Group 2.0

25/01/08

Fund Description

Technology




Fund descriptionInvests in companies involved in technology-intensive industries around the world. Suitable industries include manufacturers of computers and their components, software and computing services, telecommunications, pharmaceuticals, biotechnology, aerospace

and electronics. The fund usually invests heavily in the US market because this is where there is the highest concentration of technology companies. This is a diversified specialist fund, which aims to provide capital growth from investing in niche markets.


Benchmark: MSCI World/Information Technology index


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 0.0 17.6 9.8 10.1 17.6 -3.0 16.1 -5.3 28.8

Benchmark 0.9 13.4 8.6 10.3 13.4 -3.9 17.4 -4.3 33.6

Sector median 0.7 8.7 13.2 13.6 8.7 6.8 24.4 7.9 20.8




Asset allocation %

Top holdings %

Min

imal

Low

Belo

w a

vera

ge

Aver

age

Abov

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High

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-20

0

20

40

60

80

100

120


Tota

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urn

%


Fund information





1.00%

SEDOL/Mex ID 267816 / SEETEP

North America 70.0

Europe 13.7

Japan 5.4

Asia/Pacific Ex Japan 3.9

Cash 7.0

Microsoft Corp Usd0.00001 10.5

Apple Inc 7.0

Cisco Systems 6.3

Google Inc-cl 'a' Usd0.001 5.8

Intl Business Machines Corp Usd0.2 5.6

Intel 5.6

Hewlett-packard 5.3

Nokia Corp Sponsored Adr 4.8

Oracle Corporation 3.6

Sap Ag Npv 2.5

30/01/08

Fund Description

Scottish Equitable UBS Balanced Managed




Fund descriptionInvests in an internationally diversified portfolio, largely made up of equities, for long-term growth. UBS Global Asset Management operates a clearly defined and consistent investment philosophy. It identifies investments which are undervalued by markets against their fundamental worth. It calls this a ‘price to intrinsic’ value philosophy and believes this

is the key to delivering superior investment performance. The difference between price and intrinsic value combined with market behaviour provide opportunities to add value to the portfolio. Its investment teams around the globe have access to an extensive research resource and this is balanced by a risk management system independently recognised as leading edge.

The fund is average risk and is suitable for investors looking for a highly individual managed fund.


Benchmark: IMA Balanced Managed sector average


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund -2.1 -1.0 8.5 10.5 -1.0 10.1 17.2 9.5 17.6

Benchmark -0.1 4.1 11.1 11.9 4.1 9.8 19.8 9.0 17.4

Sector median 0.5 5.8 11.9 12.5 5.8 10.1 19.5 9.4 16.9




Asset allocation %

Top holdings %

Min

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Low

Belo

w a

vera

ge

Aver

age

Abov

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-20

0

20

40

60

80

100


Tota

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urn

%


Fund information





1.25%

SEDOL/Mex ID 3230451 / SEUBBM

UK Equity 29.9

North America 20.4

Europe 3.3

Japan 6.5


Other Overseas 5.2


UK Non-Gov Fixed Interest 9.7

US High Yield Bonds 4.0

Overseas Fixed Interest 8.4

Global Futures 1.2

Cash 1.0

Vodafone 7.1

BP 6.5

Glaxosmithkline 4.9

HBoS 3.5

Royal Bank Of Scotland 3.1

Barclays 3.0


Diageo 2.4

Aviva 1.8

Prudential 1.7

25/01/08

Fund Description

Scottish Equitable UBS Stockmarket Managed




Fund descriptionInvests in equities globally for long-term growth. UBS Global Asset Management operates a clearly defined and consistent investment philosophy. It identifies investments which are undervalued by markets against their fundamental worth. It calls this a ‘price to intrinsic’ value philosophy and believes this is the key to delivering superior investment

performance. The difference between price and intrinsic value combined with market behaviour provide opportunities to add value to the portfolio. Its investment teams around the globe have access to an extensive research resource and this is balanced by a risk management system independently recognised as leading edge. The fund is above average risk and is

suitable for investors looking for a highly individual stockmarket managed fund.




1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund -2.3 -0.6 9.2 11.8 -0.6 11.0 18.0 9.4 22.7

Sector median 0.1 6.4 13.4 14.4 6.4 11.5 22.8 10.0 20.0




Asset allocation %

Min

imal

Low

Belo

w av

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e

Aver

age

Abov

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erag

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High

er


-20

0

20

40

60

80

100

120


Tota

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urn

%

Fund Sector

Fund information





1.30%

SEDOL/Mex ID 3230495 / SEUBSM

UK 55.5

North America 26.0

Europe 11.6

Japan 3.9


Other Overseas 2.1

25/01/08

Fund Description

Scottish Equitable UBS US Equity




Fund descriptionInvests with the aim of achieving long-term capital growth through active management of a diversified portfolio invested primarily in US equities. UBS Global Asset Management operates a clearly defined and consistent investment philosophy. It identifies investments which are undervalued by markets against their fundamental worth. It calls this a ‘price to

intrinsic’ value philosophy and believes this is the key to delivering superior investment performance. The difference between price and intrinsic value combined with market behaviour provide opportunities to add value to the portfolio. Its investment teams around the globe have access to an extensive research resource and this is

balanced by a risk management system independently recognised as leading edge.


Benchmark: Russell 1000 index


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund -2.9 -1.9 -1.9 -0.4

Benchmark -1.0 4.0 4.0 1.3

Sector median -0.7 4.5 4.5 -0.9




Asset allocation %

Top holdings %

Min

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Low

Belo

w a

vera

ge

Aver

age

Abov

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erag

e

High

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-5

0

5

10

15

20


Tota

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urn

%


Fund information





1.45%

SEDOL/Mex ID B0MTKV5 / SEUUEP

Financials 18.6

Health Care 17.1



Industrials 12.5

Energy 8.3

Utilities 6.7


Telecommunication Services 3.2

Futures 2.5

Exelon 3.5

General electric 3.3

Intel 3.1

Wells Fargo & Co 2.9

Morgan Stanley 2.7

Citigroup 2.7

E-Mini S&P 500 2.5

Microsoft 2.5

Wyeth 2.4

Allergan 2.3

25/01/08

Fund Description

UK Corporate Bond




Fund descriptionInvests in investment grade corporate bonds. Corporate bodies, for example companies, local authorities, government agencies, issue bonds to raise capital. The bonds are loans, which pay interest at a fixed rate until the loan is repaid by the corporate body on a pre-determined future date. The bonds can be bought and sold by investors throughout their life and the price of the bond varies depending on market fluctuations. The bonds are categorised

into short-, medium- and long-dated stocks, depending on the time left until the bond is repaid. Credit ratings agencies like Moody’s and Standard & Poor’s analyse corporate bonds and rate them according to a number of criteria, including the financial strength of the company issuing the bond. An investment grade bond will have a rating of AAA down to BBB, which implies a higher credit quality with a lower default risk. This fund invests in short-, medium- and

long-dated corporate bonds. Because this fund invests in corporate bonds, it has a higher risk level than our mainstream UK Fixed Interest Fund.


Benchmark: iBoxx Sterling Non-Gilts Overall index


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 1.8 0.0 2.5 3.8 0.0 -0.6 8.3 6.3 5.4

Benchmark 2.5 1.8 3.8 4.7 1.8 0.7 9.0 6.7 5.7

Sector median 2.1 1.4 3.1 3.9 1.4 0.3 7.4 5.8 3.9




Asset allocation %

Top holdings %

Min

imal

Low

Belo

w av

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Aver

age

Abov

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0

10

20

30


Tota

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%


Fund information





1.00%

SEDOL/Mex ID 921060 / SEUKCO

Corp 0-5 years 20.4


Corp > than 15 years 52.0

Cash 1.3



European Investment Bank 4.375 06/03/2009 Emtn 4.3

Network Rail 4.875 06/03/2009 3.4


Kfw 5.125 07/01/2011 3.1


Abu Dhabi Com Bk 5.625 16/11/11 Emtn 1.7

Barclays Bank 6.875 27/11/2015 Perp 1.6

Daimlerchrysler Can Fin 5.75 10/08/2011 1.6

25/01/08

Fund Description

UK Equity




Fund descriptionInvests in a broad range of stocks, most of which are listed on the London Stock Exchange. The portfolio can invest in all major industrial sectors and may also invest in smaller companies and cash from time to time. This is a mainstream UK

equity fund, which aims to provide capital growth from a well-diversified portfolio of holdings. This fund will normally have a below average relative risk compared with the average fund within the UK All-Companies pension sector.




1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 1.5 5.7 13.8 13.7 4.6 5.7 16.9 19.4 10.3 17.0

Benchmark -0.3 5.3 14.5 15.4 6.2 5.3 16.8 22.0 12.8 20.9

Sector median -1.2 2.9 13.2 14.2 4.9 2.9 16.5 21.0 12.0 20.3




Asset allocation %

Top holdings %

Min

imal

Low

Belo

w a

vera

ge

Aver

age

Abov

e av

erag

e

High

er


-20

0

20

40

60

80

100

120


Tota

l Ret

urn

%


Fund information





1.00%

SEDOL/Mex ID 782870 / SEPUKE

Financials 19.6

Oil & Gas 15.3


Consumer Goods 10.6

Industrials 9.1



Health Care 6.9

Utilities 3.2

Other 3.6

Future 0.5

Cash 1.5





Rio Tinto Ord Gbp0.10(regd) 3.9

Glaxosmithkline 3.2

Brit Amer Tobacco Ord Gbp0.25 3.2


Tesco Ord Gbp0.05 3.0

Bae Systems Plc Ord Gbp0.025 2.6

25/01/08

Fund Description

Scottish Equitable Newton Higher Income




Fund descriptionThe fund currently invests direct in the Newton Higher Income Fund to provide exposure to companies with shares listed on the UK stock exchange. The focus is on quality stocks that yield at least 15% above the FTSE All-Share index yield, and is

designed to provide an attractive level of income together with the potential for long-term capital growth. From launch until December 2004, this fund was known as the UK Equity Income Fund and was managed by AEGON Asset Management.




1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 0.5 -0.3 11.5 12.7 3.9 -0.3 17.7 18.0 11.4 17.6

Benchmark -0.3 5.3 14.5 15.4 6.2 5.3 16.8 22.0 12.8 20.9

Sector median -0.5 0.1 12.0 14.3 6.0 0.1 17.8 20.3 15.9 20.4




Asset allocation %

Top holdings %

Min

imal

Low

Belo

w a

vera

ge

Aver

age

Abov

e av

erag

e

High

er


-20

0

20

40

60

80

100

120


Tota

l Ret

urn

%


Fund information





1.40%

SEDOL/Mex ID 240356 / SEUKEI

UK Equities 97.0

Cash 3.0

BP PLC 8.8


British American Tobacco PLC 5.1


Royal Dutch Shell PLC 'B' 4.8

National Grid PLC 4.8

Centrica PLC 4.1

BT Group PLC 3.3

Scottish & Southern Energy PLC 3.2

Cable & Wireless PLC 2.6

25/01/08

Fund Description

UK Equity Tactical




Fund descriptionInvests across all major industrial sectors in UK company shares listed on the London Stock Exchange. The fund has a more concentrated portfolio than the average UK equity fund and is more aggressively managed than a mainstream fund,

investing both in companies that we believe are undervalued and those we believe have attractive future growth prospects. It is a specialist fund, which aims to achieve capital growth from an actively managed portfolio of holdings.




1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 2.3 8.0 16.4 15.4 4.3 8.0 19.1 22.5 8.8 19.4

Benchmark -0.3 5.3 14.5 15.4 6.2 5.3 16.8 22.0 12.8 20.9

Sector median -1.2 2.9 13.2 14.2 4.9 2.9 16.5 21.0 12.0 20.3




Asset allocation %

Top holdings %

Min

imal

Low

Belo

w a

vera

ge

Aver

age

Abov

e av

erag

e

High

er


-20

0

20

40

60

80

100

120


Tota

l Ret

urn

%


Fund information





1.00%

SEDOL/Mex ID 240293 / SEUKET

Financials 15.8

Oil & Gas 15.7



Industrials 9.9


Health Care 7.7

Consumer Goods 7.6

Utilities 4.0

Resources 1.3


Cash 4.2







Glaxosmithkline 3.4



Bae Systems Plc Ord Gbp0.025 2.5

25/01/08

Fund Description

UK Fixed Interest




Fund descriptionInvests in government securities and corporate bonds. This is an actively but not aggressively managed fund, which aims to produce attractive and stable long-term total returns. The value of the stocks underlying the fund are influenced by

market fluctuations. This is a relatively lower risk fund within our fixed interest range because it mainly invests in a spread of government and corporate bonds across all maturities.


Benchmark: 45% iBoxx Sterling Non-Gilts Overall TR index/35%FTSE A British Govt All-Stocks TR index/20% iBoxx Sterling Overall TR index


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 3.0 1.9 3.1 3.9 5.6 1.9 -0.5 7.9 6.3 4.2

Sector median 2.1 1.4 3.1 3.9 5.2 1.4 0.3 7.4 5.8 3.9




Asset allocation %

Top holdings %

Min

imal

Low

Belo

w av

erag

e

Aver

age

Abov

e av

erag

e

High

er


0

10

20

30


Tota

l Ret

urn

%

Fund Sector

Fund information





1.00%

SEDOL/Mex ID 782892 / SEPFI

Corp 56.5

Gilts 43.3

Cash 0.2

UK Treasury 4.75 07/06/2010 5.2

UK Trsy 5 07/03/18 5.0

UK Treasury 6 07/12/2028 4.9

UK Treasury 5 07/03/2008 3.9

UK Treasury 4 07/09/2016 3.3


UK Treasury 4.25 07/06/2032 2.8

UK Treasury 8 07/06/2021 2.8

UK Treasury 4.75 07/12/2038 2.7


25/01/08

Fund Description

UK Government Bond




Fund descriptionInvests principally in conventional UK government securities issued by the UK government. These are loan stocks with varying maturity dates that are issued by the Government to fund the public sector net cash requirement (PSNCR), and they pay a fixed rate of interest until their

repayment date. Gilts are traded in the bond market and their value will be influenced by a number of underlying economic factors such as interest rates and inflation. This fund invests in gilts of all maturities and is actively managed.


Benchmark: FTSE A British Govt All Stocks index


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 4.3 4.3 3.6 4.3 -0.7 7.4

Benchmark 4.4 5.3 4.6 5.3 0.7 7.9

Sector median 4.2 3.8 3.6 3.8 -0.6 7.2




Asset allocation %

Top holdings %

Min

imal

Low

Belo

w a

vera

ge

Aver

age

Abov

e av

erag

e

High

er


0

5

10

15

20

25


Tota

l Ret

urn

%


Fund information

Sector UK Gilt-Pen




1.00%

SEDOL/Mex ID 921082 / SEUKGO




Cash 0.3

UK Treasury 4.75 07/06/2010 14.5

UK Trsy 5 07/03/18 13.9

UK Treasury 6 07/12/2028 13.7

UK Treasury 5 07/03/2008 10.9

UK Treasury 4 07/09/2016 9.3

25/01/08

Fund Description

UK Index Tracker




Fund descriptionAims to mirror the movements of the UK FTSE All-Share index before charges. The All-Share index represents the broadest measure of the UK stock market and has a

large number of constituents. So it offers the opportunity to invest in a share of the UK’s most successful companies.




1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund -0.2 4.1 13.2 14.1 4.1 15.3 20.8 10.9 20.6

Benchmark -0.3 5.3 14.5 15.4 5.3 16.8 22.0 12.8 20.9

Sector median -1.2 2.9 13.2 14.2 2.9 16.5 21.0 12.0 20.3




Asset allocation %

Top holdings %

Min

imal

Low

Belo

w a

vera

ge

Aver

age

Abov

e av

erag

e

High

er


-20

0

20

40

60

80

100

120


Tota

l Ret

urn

%


Fund information





1.00%

SEDOL/Mex ID 825452 / SEUKIP

Financials 25.4

Reseources 17.5

Cyclical Services 10.9

Cyclical Cons Goods 10.4


Non-Cyclical Services 7.1

General Industries 6.8

Non-Cyc Cons Goods 6.6

Utilities 4.4


BP PLC 6.4






Rio Tinto PLC 2.9



BG Group PLC 2.1

25/01/08

Fund Description

UK Long Corporate Bond




Fund descriptionInvests in long-dated investment grade bonds. Bonds are loans issued by governments, local authorities, companies and corporations. They pay interest during their lifetime and are generally repaid at a fixed rate at a pre-determined time in the future. Investment grade corporate bonds are those issued by companies with credit ratings between AAA and BBB. Credit ratings agencies, such as Moody’s and

Standard & Poor’s, issue these credit ratings. Ratings from AAA down to BBB imply higher credit quality bonds with a lower default risk. The bonds that this fund invests in will have a maturity of more than 10 years. Bonds and gilts usually have a pre-determined maturity value, so the shorter the period to maturity the closer the relationship is with price. Consequently, longer-dated stocks experience greater

price sensitivity and so the UK Long Corporate Bond Fund is one of the riskier funds in our fixed interest fund range.


Benchmark: iBoxx Non-Gilts 10+ years index


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 2.8 -1.1 2.5 4.0 -1.1 -1.4 10.5 6.7 5.8

Benchmark 2.7 -0.4 3.4 4.7 -0.4 -0.2 11.2 7.3 6.3

Sector median 5.2 1.4 3.5 4.0 1.4 -0.9 10.7 7.3 1.4




Asset allocation %

Top holdings %

Min

imal

Low

Belo

w a

vera

ge

Aver

age

Abov

e av

erag

e

High

er


0

10

20

30


Tota

l Ret

urn

%


Fund information

Sector UK Long Bonds-Pen




1.00%

SEDOL/Mex ID 921101 / SEUKLC

Corp 5-15 years 9.4

Corp > than 15 years 86.9

Cash 3.7




Intl Bk Recon + Dev 5.75 07/06/2032 3.9



Land Securities Plc 5.391 31/03/2027 2.2

British Land 5.264 24/09/2035 Br 2.1

Barclays Bank Plc 6.3688 15/12/2019 Perp 2.0

Freshwater Finance 5.182 20/04/2035 1.9

25/01/08

Fund Description

UK Smaller Companies




Fund descriptionInvests in smaller companies with shares listed on the London Stock Exchange. Smaller companies are defined as those within the lowest 10% by capitalisation of the FTSE Actuaries All-Share index. The fund invests across a wide range of industrial sectors, maximising the potential

returns available while spreading the risks inherent in investment in companies whose performance is highly sensitive to fluctuations in the UK economic cycle. This is a specialist fund which aims to achieve capital growth over the medium to longer term, subject to short-term volatility.


Benchmark: FTSE Small Companies (ex Investment Trusts) index


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund -8.2 -7.6 14.1 19.3 8.3 -7.6 29.2 24.6 15.3 41.1

Benchmark -12.4 -17.9 6.3 13.8 5.6 -17.9 22.9 19.0 13.1 40.9

Sector median -8.7 -6.2 12.3 19.3 8.6 -6.2 25.5 20.3 21.8 39.3




Asset allocation %

Top holdings %

Min

imal

Low

Belo

w a

vera

ge

Aver

age

Abov

e av

erag

e

High

er


-50

0

50

100

150

200


Tota

l Ret

urn

%


Fund information

Sector UK Smaller Companies-Pen




1.00%

SEDOL/Mex ID 790839 / SEPUKS

Industrials 33.3


Financials 10.3

Oil & Gas 10.3

Health Care 8.2

Technology 7.8

Basic Materials 6.3

Consumer Goods 2.9

Utilities 1.2

Non-Cyclical Consumer Goods 0.7

Other 0.6

Cash 7.4

Connaught Ord Gbp0.02 2.7

Wellstream Holdings Plc Ord Gbp0.01 2.3

Ultra Electronics Ord Gbp0.05 2.3

Rps Group Ord Gbp0.03 2.3

Senior Ord Gbp0.10 2.2

Brewin Dolphin Ord Gbp0.01 2.0

Aquarius Platinum Usd0.05 1.9

Mouchel Group Plc 1.8

Chloride Group Ord Gbp0.25 1.8

Domino Printing Sciences Ord Gbp0.05 1.8

30/01/08

Fund Description

Universal Balanced Collection




Fund descriptionInvests in an internationally diversified portfolio, largely made up of equities, for long-term growth. This fund offers exposure to passive management and a degree of exposure to a collection of actively managed balanced funds. Currently 75% of the fund is invested in the Balanced Passive

Fund and 25% is invested in the External Balanced Collection (so the active element currently provides access to five active fund managers). It is suitable for investors who want a fund that offers some access to a blend of fund management investment styles.


Benchmark: Please see the Balanced Passive Fund and the underlying balanced managed funds of the relevant investment management houses, currently Baillie Gifford, Merrill Lynch, Newton, Société Générale Asset Management and UBS.


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 0.7 6.5 11.6 12.2 6.5 9.8 19.0 9.1 17.1

Sector median 0.5 5.8 11.9 12.5 5.8 10.1 19.5 9.4 16.9




Asset allocation %

Min

imal

Low

Belo

w a

vera

ge

Aver

age

Abov

e av

erag

e

High

er


-20

0

20

40

60

80

100


Tota

l Ret

urn

%

Fund Sector

Fund information





1.00%

SEDOL/Mex ID 3065664 / SEUBC

UK 46.5

Europe 11.5

North America 9.5

Japan 3.4

Pacific 7.2

Other overseas 1.6


Overseas bonds 2.0

Cash 8.4

30/01/08

Fund Description

Universal Lifestyle Collection




Fund descriptionThis lifestyle fund uses a two-stage approach that aims to build your pension fund in the early years then protect its annuity purchasing power as your selected retirement date approaches whilst taking into account your tax-free cash entitlement. The first stage invests in an internationally diversified portfolio largely comprising of equities for long-term growth. This fund offers exposure to passive management and a degree of exposure to a collection of actively managed balanced funds. Currently 75% of

the fund is invested in the Balanced Passive Fund and 25% is invested in the External Balanced Collection (so the active element currently provides access to five active fund managers). It is suitable for investors who want a fund that offers some access to a blend of fund management investment styles. During the second stage, typically between five and seven years before your selected retirement date, your pension fund will be switched, systematically and progressively, into investments better suited to protect the annuity purchasing

power of the fund as well as provide you with tax-free cash. To take account of changes such as a change in economic circumstances, AEGON Scottish Equitable reserves the right to amend any of the lifestyle funds withour prior notification.


Benchmark: Lipper Balanced Managed pension sector average


1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 0.7 6.5 11.6 12.2 6.5 9.8 19.0 9.1 17.1

Sector median 0.5 5.8 11.9 12.5 5.8 10.1 19.5 9.4 16.9




Asset allocation %

Min

imal

Low

Belo

w a

vera

ge

Aver

age

Abov

e av

erag

e

High

er


-20

0

20

40

60

80

100


Tota

l Ret

urn

%

Fund Sector

Fund information





1.00%

SEDOL/Mex ID 3144961 / SEU

UK 46.5

Europe 11.5

North America 9.5

Japan 3.4

Pacific 7.2

Other overseas 1.6


Overseas bonds 2.0

Cash 8.4

25/01/08

Fund Description

With-Profits Cautious




Fund descriptionInvests in a wide range of stocks and shares in the UK and overseas. The majority of the fund invests in income-generating assets such as bonds and property. Smoothing of the returns occurs daily by applying fund performance that is currently halfway between the actual returns of the underlying assets and the disclosed ‘expected growth rate’ (EGR). This helps to dampen stock market peaks and troughs. The EGR is our view of the long-term rate at which the underlying

assets will grow and does not include any fund or product-specific charges. It is not guaranteed. We may change the EGR going forward but will not alter it retrospectively. When investors take money out of the fund smoothing profits or losses can occur, currently half of which are immediately reflected in the daily unit price. To ensure all policyholders receive fair value we may, under certain conditions, apply additional smoothing adjustments to claim values. These adjustments may be both positive or

negative. Due to the smoothing process this fund is lower risk relative to other funds that, to a greater or lesser extent, invest in equities. With its higher fixed interest content, this fund has a lower risk level than our With-Profits Growth Fund.




1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 1.5 4.8 6.7 6.9 4.8 7.2 8.2 6.4 8.1




Asset allocation %

Top holdings %Min

imal

Low

Belo

w a

vera

ge

Aver

age

Abov

e av

erag

e

High

er


-10

0

10

20

30

40


Tota

l Ret

urn

%

Fund

Fund information




1.00%

SEDOL/Mex ID 3230600 / SEWPC

UK 32.9

US 3.8

Europe 1.8

Japan 0.7

Far East 0.9

Bonds & Fixed Interest 57.7

Cash 2.1



Kfw 6 07/12/2028 Exch 1.9



Glaxosmithkline 1.2





25/01/08

Fund Description

With-Profits Growth




Fund descriptionInvests in a wide range of stocks and shares in the UK and overseas. The majority of the fund is invested in UK and overseas equities in order to increase the long-term growth potential of the fund. Smoothing of the returns occurs daily by applying fund performance that is currently halfway between the actual returns of the underlying assets and the disclosed ‘expected growth rate’ (EGR). This helps to dampen stock market peaks and troughs. The EGR is our view of the long-term rate at which the underlying assets will grow and

does not include any fund or product-specific charges. It is not guaranteed. We may change the EGR going forward but will not alter it retrospectively. When investors take money out of the fund smoothing profits or losses can occur, currently half of which are immediately reflected in the daily unit price. To ensure all policyholders receive fair value we may, under certain conditions, apply additional smoothing adjustments to claim values. These adjustments may be both positive or negative. Due to the smoothing process

this fund is lower risk relative to other funds that have a lower equity content. With its lower fixed interest content, this fund has a higher risk level than our With-Profits Cautious Fund.




1 yr(%)

3yrs(% pa)

5yrs(% pa)

10yrs(% pa)

Q1 2006 -Q4 2006 -

Q1 2005 -Q4 2005 -

Q1 2004 -Q4 2004 -

Q1 2003 -Q4 2003 -

Q1 2002 -Q4 2002 -

Fund 1.1 6.7 9.8 9.8 6.7 11.9 10.9 8.2 11.6




Asset allocation %

Top holdings %Min

imal

Low

Belo

w av

erag

e

Aver

age

Abov

e av

erag

e

High

er


-10

0

10

20

30

40

50

60

70


Tota

l Ret

urn

%

Fund

Fund information




1.00%

SEDOL/Mex ID 3230592 / SEWPG

UK 68.3

US 8.0

Europe 3.8

Japan 1.5

Far East 1.8

Bonds & Fixed Interest 13.7

Cash 2.8



Glaxosmithkline 2.6






Anglo American Ord Usd0.5494 2.1

Xstrata Plc Ord Usd0.5 1.9

Documents

Scottish Equitable AEGON Core Plus · 2015-05-27 · 25/01/08 Fund Description Scottish Equitable AEGON Core Plus Quarter 4 pension fund factsheet January 2008 Scottish Equitable